If I knew absolutely nothing about politics or the political parties, this decision would convince me to hate Republicans with the heat of a thousand suns.
As it is, it changes nothing because of course the Republicans exist to do the bidding of the payday loan industry.
Good to see they’re getting serious about preventing that blue wave.
From the article: “The CFPB estimated its rule would lower the industry’s revenue by two-thirds.”
What does that say about the true purpose of the industry if the rule we’re talking about is making sure the borrower can pay it back?
What does that say about the economic anxiety of conservative voters given they’ve always been so obedient about hating the CFPD?
Military installations and “Red State” America are flooded with these places. My own “red” state has at least two State-level Republican reps. who own a large number of these places. Attempts to regulate payday loans at a local or state-wide level have all been DOA because of these two “respectable” loan sharks.
They (payday lenders) are despicable, little better than loan sharks. I’m assuming the borrowers’ knee caps aren’t collateral. Still, how ignorant are those borrowers? The only possible reason to borrow from them is to pay off the knee busting lenders.
You did your best to help primary the payday lender shill DWS.
you get stuck, you need money because of some catastrophe like not having money for food and then you take loan after loan from these companies because you can never pay them back
it’s often the only place people can get money
You do without. You beg food from friends and family or go to a mission or church. My oldest grandson lived on the street for a while. No payday loans. Not counting the six figure college loans that never resulted in a degree. But the loans weren’t absurd on their face. They were just unpayable if you didn’t graduate. Borrowing money you can’t possibly pay back without a miracle or hitting the lottery is stupid or ignorant. I’m not unsympathetic but there are no other words.
Been there, had family and friends that have been there. Some used payday lenders because nobody else could help with urgently needed medical care. There are reasons, which is why these lenders should be better regulated.
No one should need to go to a shylock to get medical car. It’s barbaric.
Check out Mehra Baradarn’s book:
http://www.hup.harvard.edu/catalog.php?isbn=9780674286061
In short, traditional banks have largely abandoned and pushed out low dollar customers over the past decades as large sections of the industry transitioned into “Wealth Management” firms.
Payday Loam places have become, sadly, the only option for any kind of banking service for middle income and lower Americans.
My own original bank did this to me ca. 2007-2008 and I had to move my money elsewhere or loss it to all the new higher fees designed to get me to leave.
Military officers do counsel their troops to avoid payday lenders.
If Obama had produced a cure for cancer, the Republicans would be burning it right now.
And telling people that cancer is God’s will.
724% interest (and NO that is NOT a typo) PER YEAR … thats what my daughter was paying.
Luckily I found out, read her the riot act, and paid off the damn loan.
Scum, slime and evil. These people should be drawn and quartered.
Besides reading the riot act, I hope you sat down with her and showed her WHY what she did was bad. And why don’t schools do this anymore?
If schools don’t, it is probably because budget tightening has wrecked a lot of the good schools and teachers can do. Family and friends should also teach, but a lot of people have don’t have people in their lives who do this and help show them the right way.
True enough. I think schools should cut back on the athletics instead, but it’s true that most voters would rather cut math, science, and languages than sports.
I live in one of those rare red states where payday lenders don’t do business. Not to worry – our GOP supermajorities are funded by enough of these vultures to where we may be dotted with the damned payday loan outlets as well if they have their way.
Once you get sucked into that particular scam, it’s hard to get your finances back under control. To state the obvious, these lenders prey on the most vulnerable. I’ve been warning my kids because these predatory lenders do real damage. Credit cards are bad enough.
I don’t have a lot of spare money at my disposal, but I probably would have done something very similar to what you did – have one hell of a “heart to heart” discussion and found a means of paying off the damned loan myself. Then probably more heart to heart conversations about budgeting and strongly suggest the next time they get into a jam to contact me first. I may ask a lot of inconvenient questions and I tend to expect straight answers, but at least I won’t charge interest to my kin and my intention is really to help (I get the “young and struggling” thing – been there, done that).
Yeah, if there were ever a group of vultures worthy of breaking out the torches and pitchforks, it’s payday lenders. Run the whole fucking lot of them out town and out of the known universe.
Politico – Warren wing clashes with Wasserman Schultz on payday lending.
Yeah, DWS was forced to do a flip-flop on this, but her wing of the DP should also be reviled and rejected.
A rule almost eight years in the making and over eight years until scheduled implementation. Elizabeth Warren could have had it written before the 2010 midterms.
On the plus side, the “Warren wing” can better run with this.
In the latest news:
http://twitter.com/Taniel/status/953458393695571969
Go, #TheResistance! It won’t let me embed tweets. 🙁
I’ve been on this blog long enough to remember the community members who have talked major shit about the worthlessness of the Dodd/Frank Law. Some are still here.
You know, the law which created the Consumer Protection Financial Bureau.
Some progressives aren’t as well-informed as they believe they are. Some are also thoughtless about their rhetoric.
insert Davis X. Machina repartee hereI’m with you on this Booman. Payday loan businesses are the scummiest of the scum. Companies that make bank on exploiting the poor are beneath contempt.