Accidentally Signed A PayDay Lending Petition? Get Your Name Off Of It

According to www.end391.org, you can call 614-477-5042 to get your name removed from the petition if you signed in error. 

Big news today! The payday lending lobby has spent $382,127 from August 7th to August 12th on their half-truth 'farmer' ad. The payday lobby has released a new ad with a woman and her two sons, claiming she really needs her 391% payday loan if one of her sons gets sick before payday. I don't think it is particularly convincing, especially when she bats her eyes 10 times after one of her talking points. So, expect another $100,000 per day run of that one!

The ballot board came out with their language yesterday for Issue 5. To let House Bill 545 become law and to cap interest rates on payday loans at 28% interest, VOTE YES on ISSUE 5! Join the VOTE YES ON ISSUE 5 Campaign! www.end391.org

Payday loans are clearly not the reason for the economic disaster in America. It’s been said that December 2007 is the “official” point where economists mark the beginning of our current recession. According to the National Bureau of Economic Research (NBER) group, December 2007 peaked activity and the U.S. economy has been declining ever since. NBER defines recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators." The government, academics and private sector also fall under the same conclusion and judgment on the matter. The rate extent of employment, incomes, industrial output and sales data, are the different structures that support this calculation. That December, employment and incomes peaked. A month later industrial output peaked, followed by the sales peak in June. Democrats said this was not a surprise and called for an economic stimulus package. Senate Majority Leader Harry Reid stated publicly, “"The announcement simply makes official what we have long known: with rising costs of living, rising unemployment, record foreclosures and depleted savings, we must do more to help families make ends meet." He said the recovery package must create better-paying jobs in the U.S., cut middle class taxes and restore confidence to stabilize the market. So, really think about this. Why would anyone want to wipe out the payday loan industry in a time where we need anything we can to repair the economy, reduce the unemployment rate, and restore currency flow? Indisputably, banks and credit unions are going to have to get used to it. Payday loans and cash advances are going to be here for quite a long time. Click here to read more on Payday Loans.

All this time I thought voting yes on Issue 5 would mean almost the end of the world and the loss of 6000 good paying jobs. Guess they were wrong, because we are getting an ad for a pay day loan right here at BSB. Still alive, I see.