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Why I Am Revisiting?

A month ago I did an article called Are payday lenders good for consumers. It was meant just to be a smaller article talking about some the issues that Ohioans will be facing this November.

Or so I thought.

The article ended you becoming very popular and controversial. With 17 comment left by readers who all had different opinions about the situation. So I decide to revisit the issue read over all the comments again and meditate on which may be the right decision.

I have received many comments from Donnie who explained that 391% interest is to much for anyone to pay on a loan and repeated that this is a trap to Ohioans. He explains that this is more or less predatory lending tactics that they are using to bring in customers and lock them in with high interest rates.

However Casey and Tara believed that the fee was only $15 for a two week loan which was better that paying an over draft fee. They also believe that there would be 6000 jobs lost as a result. They believe in the freedom of choice should be preserved to the consumers.

So in this article I have decide to go through all the facts and see how this might relate to you as the consumer and let you decide from there. If you feel these fact differ from what you know let a comment at the bottom of this article.

The Facts ( or at least what I have read)

If the issue passes the maximum loan amount will go from $800 to $500.
If the issue passes the borrowers would have 30 days to repay the loan otherwise if it doesn’t there will be no time period. (Not sure on this one let me know what you think?)
If the issue passes the maximum interest rate would be 28% and if it didn’t it would be much greater than that.
If the issue passes the government will be able to look at your financial records and decide if you will be able to have a loan or not. ( not sure if this true either.)

What’s true and what’s not

Here are some video I came across. I couldn’t find any on you tube saying vote No on issue 5 so here is a link to those videos.
The next video here is from those that are getting the raw end of the deal from payday lenders watch it and see what you think. You can also check out the vote Yes on website.

This next video is from the CBS Evening News talking about the payday lending as a whole across the country. This is a disturbing video. Check it out and let me know what you think. Leave me a comment on how you feel about this.

My thoughts on the subject

I have been thinking about this issue a lot recently and have tried to put myself in the shoes of the consumer. My thought is if I were a consumer going to a payday lender to get a loan would I want to pay 300% interest or would I rather pay 28% interest. Sounds like a pretty simple decision to me.

The other things that I don’t understand is that they say that 6000 jobs will be lost. All they are doing is limiting the interest rate, loan amount, and time frame for the repayment. How will this lose jobs for us in Ohio?

Finally, if you would care to share your thoughts on the subject please leave me a comment. I also plan on doing a follow up article again in a few more weeks to display and discuss the comments that were made.

Is It a State Of Mind Or Just Action?

Getting out of debt is as much a state of mind as it is the ability to simply take action. You have to be committed to taking action if you want to get out of debt fast and you must immediately decide that now is the time to do, both of which are equally important. Getting out of debt is not that difficult, however it is still challenging.

But what isn’t?

You are not the only person who has been in debt; there have been people before you and there will be people after you. Getting out of debt is definitely the first step towards actively investing in your future. Especially when it’s credit card debt that you need to clear up.

Getting out of debt is mostly all about two things:

1) Making the largest payment you can afford.

2) Making sure your debt is at the lowest interest rate.

Make sure you learn the advantages of having a low interest rate and of making a larger payment than the minimum. Getting out of debt is inherently a long process and every little bit of it can help to pay off credit cards, but it’s really about developing better habits. Creating new habits requires sticking to new practices until they come naturally and automatically, so setting small goals can help greatly. Getting out of debt is a process.

Getting out of debt is going to require both discipline and action. It really won’t be easy to do especially if you are already heavily burdened by it. Following a method of listing all your expenses can be helpful because you can track down where your money is actually going. Getting out of debt should be done by following a simple, step by step process. It will take hard work, discipline and persistence, but it can be done and the rewards are truly great.

Check out this article on how to set up your own personal debt plan.

Getting out of debt is also about making sure you have more income than the amount of your expenses, which is basically having more coming in than going out. Remember, it is going to be a long term project. It requires a willing heart, a concrete plan, and a disciplined approach to prevent the need to file bankruptcy.

Paying off your debt is 70 percent psychological and only 30 percent financial. You are going to have to adopt some goals of paying off from the bottom up, so that there’s not only a light at the end of the tunnel, but also marker lights reminding you that you’re on the way out.

Hang in there you can do it.

Are Payday Lenders Good For Consumers – Revisited

Get Out Of Debt Fast Today

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