Tag → payday loan

Picking on payday loans will backfire

28 October, 01:27, by admin Tags: , ,
Comments Off

Picking on payday loans will backfire

By Wyatt Emmerich
President, Emmerich Newspapers
Monday, October 26, 2009 10:27 AM CDT

JACKSON — The law of unintended consequences is powerful, especially when the government is involved. One could argue this deep recession is a result of misguided public policy. In an effort to encourage home ownership, the federal government created incentives for lower-income people to buy homes they previously could not afford.

This created a huge housing boom and bust that has led to record foreclosures and undermined the financial system, which relies on housing stock for securitization.

Predatory payday lending must be banned

25 October, 06:36, by admin Tags: , , ,
Comments Off

Predatory payday lending must be banned

If you thought you had a choice, would you take out a loan with an annual interest rate of 400 percent?

No one would. But every year, about 1 million Californians are desperate enough to do it. This sounds like loan-sharking, but predatory payday lending — the practice of issuing small, short-term loans in exchange for a postdated check and a massive fee — is legal in California and 34 other states. It can destroy the lives of the most vulnerable. It should be banned.

The Silicon Valley Community Foundation has released a report painting a bleak picture of payday lending in California.

123