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14 September 2008

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Payday Loan Advocate

Ohioans have a chance to speak up for their financial freedom. This election day, consumers who depend upon the availability of payday loans for unexpected emergency expenses they hadn’t budgeted for must speak up. HB 545 is not a Robin Hood that will “steal from the rich and give to the poor.” The reality is more like the Sheriff of Nottingham appointing more vassals. That’s what’s happening when banks and credit unions throw as much money as they do behind this measure; they seek not only to snatch up the business payday lenders who have been squeezed out of business will leave, but to subject consumers to a product that will be even more profitable for banks: overdraft protection. Opponents make a big thing out of a “monster” 391 percent APR on faxless payday loans, but overdraft protection typically costs in excess of 1,000 percent APR. Which one’s the moneymaker? Keep in mind that payday loans are typically only two-week loans to begin with, so it’s an apple to orange argument. Moreover, voting NO on HB 545 will help prevent a mass exodus of jobs (in excess of 6,000) from leaving the state of Ohio. Odds are that many who lose their jobs due to such government overregulation will leave to work and/or live outside Ohio, which creates a tax and spending power deficit for a state that’s already suffering severe budget problems. Then there will be over 1,600 empty storefronts. How will that look when you’re courting businesses to move to your state, Mr. Strickland? Maybe you should be reading the discussion people are having about HB 545 on the blog at http://ideatreks.wordpress.com/2008/05/01/ohio-house-bill-545/. NO on HB 545 makes sense if you want to fix your state’s economy.
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David Johnston

The incumbent governor of Ohio, Ted Strickland, is currently trying to get popular support for House Bill 545. This bill, passed unethically, without the voice of the people, would effectively cap the interest rate of no fax payday loans in Ohio to 36%. That would basically mean that any interest would only amount to a few dollars and change for any amount of money taken out, and effectively, kill the industry, and deprive citizens of the state of Ohio of this resource. Obama wants to do one better, and install this cap at the national level. What this means is that not only would the American public be deprived of an alternative to bank loans, credit cards, overdraft, or even worse, loan sharks, it would also eliminate multiple thousands of jobs in the US, put even more people out of work. Make sure to have your voice heard on this issue, whatever your particular opinion may be. Vote!

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timothy moriarty

Dear Friend:


Are you ready yet for the November 4th Elections? How about your friends, family, and neighbors?

More Americans are expected to vote this year than ever before in history, so don’t be left out! Be sure to ask everyone you know the following questions:

Are you registered to vote? If you moved recently, have you updated your voter registration?
Did you apply for an Absentee Ballot? Do you know your state may not require any reason?
Can you find your local Polling Place? Do you know it may have changed from last time?
The answers to these questions -- and all your voting needs -- can be found at www.StateDemocracy.org

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