tag:blogger.com,1999:blog-6128643220897267519.post2654745308191149384..comments2023-10-09T04:48:16.837-04:00Comments on whalertly: Whalertly Endorsements: Issuef 5 and Issue 6Bargahttp://www.blogger.com/profile/13267934390167096150noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-6128643220897267519.post-56130042348045455272008-11-04T11:37:00.000-05:002008-11-04T11:37:00.000-05:00Unless you are directly routing through their inte...Unless you are directly routing through their internet (i doubt) then the IP would show up somewhere in Ohio.<BR/><BR/><BR/>That said (and I know, it was a strawman, leave it at that), I am saying that the citizens of this state will ban the fees and types of Pay Day loaning. My question to you is why you think that the current plan is a good one (i.e. with such interest)Bargahttps://www.blogger.com/profile/13267934390167096150noreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-73543673143658687172008-11-04T08:48:00.000-05:002008-11-04T08:48:00.000-05:00Im not in Fort Worth Texas, but my company headqua...Im not in Fort Worth Texas, but my company headquarters are. I am in Ohio. Which is why I am so deeply concerned about Issue 5.<BR/><BR/>And to correct you---the OGA are the ones that voted and passed this "law" first. B/c of the ballot process, now Ohioans are going to be allowed an opportunity to voice their opinions on financial restrictions.<BR/><BR/> Vote NO on Issue 5!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-10022645917949222662008-11-03T18:05:00.000-05:002008-11-03T18:05:00.000-05:00Pray tell me, why is a person from Fort Worth Texa...Pray tell me, why is a person from Fort Worth Texas arguing so hard for us to not get rid of payday lenders?<BR/><BR/>ALso, it would not be the OGA that does it, but the citizens of Ohio.Bargahttps://www.blogger.com/profile/13267934390167096150noreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-50916543702311420572008-11-03T13:42:00.000-05:002008-11-03T13:42:00.000-05:00"Myth: Payday loans trap borrowers in a never-endi..."Myth: Payday loans trap borrowers in a never-ending “cycle of debt”. <BR/>Reality: Although the phrase “cycle of debt” is a favorite among industry critics, it’s NOT based on the truth. In states that permit rollovers, CFSA members limit rollovers to four or the state limit—whichever is less. The reality is that a loan cannot be outstanding longer than eight weeks (two-week loan rolled-over four times). <BR/><BR/>Researchers and state regulators consistently report that 70-80% of customers use payday advances between once a year and about once a month. People who bounce checks and use overdraft protection often do so at a higher frequency. The fact is that a payday advance is more economical than other options. <BR/><BR/>Myth: Payday lenders take advantage of poor people and minorities. <BR/>Reality: Critics of the industry have been successfully perpetuating the myth that the payday advance industry exploits the downtrodden. By perpetuating this myth, they have created a warped idea of the industry’s customer base. <BR/><BR/>Actually, payday advance customers represent the heart of America’s middle class. They are typical hard working adults who may not have savings or disposable income to use as a safety net when unexpected expenses occur."<BR/><BR/>Rollover loans are not allowed in Ohio, but since you are quoting 391%APR let's talk about that. Even if the loan was rolled over for the entire year, the high APR of payday loans **pales in comparison** to the realistic alternatives considered by consumers. <BR/><BR/>How does a $100 payday loan compare? <BR/><BR/>$100 payday advance with a $15 fee = 391% APR <BR/>$100 bounced check with $54 NSF/merchant fees = 1,409% APR<BR/>$100 credit card balance with a $37 late fee = 965% APR <BR/>$100 utility bill with $46 late/reconnect fees = 1,203% APR. <BR/><BR/>Hmmmm, gee I wonder why people use PD loans?? Obviously b/c THEY ARE CHEAPER than the other options!!!<BR/><BR/> !!Vote NO on 5!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-3042164410101805012008-11-03T13:38:00.000-05:002008-11-03T13:38:00.000-05:00Don't you find it rather ironic that the Ohio Gene...Don't you find it rather ironic that the Ohio General Assmebly has created a 60M deficit yet, they want to restrict how Ohioans use their own hard earned money??? Im an adult and I will weigh my options and make the decisions that are best for me and my family. I don't need the OGA further intruding on my personal finances under the guise of protecting us from ourselves. Give me a break!!<BR/><BR/>Here are the facts about typical PD customers:<BR/>The majority of payday advance customers earn between $25,000 and $50,000 annually;<BR/>Sixty-eight percent are under 45 years old; only 4 percent are over 65, compared to 20 percent of the population;<BR/>Ninety-four percent have a high school diploma or better, with 56 percent having some college or a degree;<BR/>Forty-two percent own their own homes;<BR/>The majority are married and 64 percent have children in the household; and, <BR/>One hundred percent (100%!!) have steady incomes and active checking accounts, both of which are required to receive a payday advance. <BR/><BR/>You may also want to read about the myths and the reality of the PD industry here http://www.cfsa.net/myth_vs_reality.html<BR/><BR/>B/c you are only spewing "myths", not facts.<BR/><BR/>Vote NO on 5Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-10667438971847706572008-11-01T23:20:00.000-04:002008-11-01T23:20:00.000-04:00I agree with Barga. 391% APR and an endless cycle ...I agree with Barga. 391% APR and an endless cycle of payday loan debt don't amount to financial freedom. Most folks who take out a loan from a payday lender have every intention of paying it back or simply using the product once or twice to get out of a tight squeeze. But instead, borrowers end up trapped in debt for months, of not years. It's time to lower interest rates on payday loans! Vote yes on issue 5!Unknownhttps://www.blogger.com/profile/10521078748931401729noreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-85473203665546976312008-10-31T18:25:00.000-04:002008-10-31T18:25:00.000-04:00Fine, so we are talking about bankruptcy and the l...Fine, so we are talking about bankruptcy and the loss of actual financial independence. The state here, instead of governing life and death, are governering how much debt a person can get into. I see no issue with this.Bargahttps://www.blogger.com/profile/13267934390167096150noreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-56727054106003542452008-10-31T14:23:00.000-04:002008-10-31T14:23:00.000-04:00I get your point. And we aren't talking about a po...I get your point. And we aren't talking about a potentially life and death situation, such as you described, driving fast or killing. <BR/><BR/>Having financial options does not possibly lead to death. So trying to equate PD loans with shooting and driving is not accurate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-50086336034042160692008-10-31T11:31:00.000-04:002008-10-31T11:31:00.000-04:00Casey, I assume that you have this resonce canned ...Casey, I assume that you have this resonce canned for other reasons. That said, lets ask this, does the government have the right to tell you not to drive too fast? Not to drink? Not to shoot another? Get my point yet?Bargahttps://www.blogger.com/profile/13267934390167096150noreply@blogger.comtag:blogger.com,1999:blog-6128643220897267519.post-1535631746982391842008-10-31T09:36:00.000-04:002008-10-31T09:36:00.000-04:00Forget if you agree with pday loans or not- FOCUS ...Forget if you agree with pday loans or not- FOCUS on the fact that the Ohio General Assembly thinks they have the right to control what financial products are available to the citizens of Ohio. Big brother style.<BR/><BR/>Forget if you have used a PD loan or not-- FOCUS on the fact that other consenting adults do and are capable of making their own decisions, based on their individiual situations. Who are we to say no, you can't use that credit card? Or no you can't use that bank?<BR/><BR/>Forget everything else -- FOCUS on the fact that eliminating payday loans DOES NOT eliminate the need for short term financial options. I bet 99.9% of the OGA doesn't have to worry about the day to day necessities the rest of are dealing with. They have insurance, pensions, well paying jobs.<BR/><BR/>Forget about the Pday loan argument -- FOCUS on the controlling and spending of our household money by the state. Considering our current economic situation... I vote for less intrusion!! PLEASE let me manage my own darn $$ since the gov't has shown they are not responsible, accountable or budget conscious. Ohio>> 60M in debt!!<BR/><BR/>Forget about the Pday loan side-- FOCUS on what else the government is going to decide in the future (under the guise of "paternalism") that we aren't capable of handling as adults. Restricting how much can be spent on food? alcohol? cigarettes? housing? gambling? clothes?<BR/><BR/>FOCUS on the fact that the OGA is intruding on our personal financial decisions... where does it stop?? Why do they think they know better what will work for us than we do? We live it every day!!!<BR/><BR/>The Issue of 5 is waaaay bigger than PD Loans >> its about Financial Freedom of Choice, which I consider to be a BASIC FUNDAMENTAL RIGHT!<BR/><BR/>***NO on ISSUE 5!****Anonymousnoreply@blogger.com