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 Posted: Wed Sep 19, 2007 1:44 pm Subject: I think people are starting to take notice...
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I just read this on one of my local news websites and thought I would repost it...
| Quote: | Report: More Than 300K Ohioans Trapped In Payday Lending Debt
Last Update: 1:12 pm
COLUMBUS, Ohio (AP) - More than 300,000 Ohioans are trapped in a cycle of debt to payday lenders and are paying more than $318 million in payday loan fees each year, said a report released Wednesday.
The average Ohioan who uses payday lending takes out 7.4 loans, beyond the five that researchers consider the trigger to becoming trapped in debt, according to the report from the Ohio Coalition for Responsible Lending. Studies have shown the average payday borrower uses more than one payday lending company each year, making the average number of loans higher.
Representatives of the Coalition, which includes religious leaders and community groups, said the business models of payday lending companies are dependent on trapping customers in a cycle of borrowing and reborrowing. The group is endorsing proposed legislation in Ohio that would cap the lending companies' annualized rate at 36 percent - as opposed to the current average of 391 percent.
The report used public data filed by lenders Advance America, Cash America, ACE Cash Express, and QC Holdings. While Ohio licenses the companies, it does not require them to file detailed activity reports as do some other states, including Michigan. |
http://codes.ohio.gov/orc/1321
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blueangelkc80
Joined: 11 Sep 2007
Posts: 129
Debtcc Points: 2832
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Posted: Wed Sep 19, 2007 1:48 pm Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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People are definitely taking notice. Put "Payday loan legislation" into Google and see what comes up. States like Nevada, Kansas, Utah along with Ohio and many others have legislation in the works. Check it out!
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frogpatch
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Joined: 09 Apr 2007
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Posted: Wed Sep 19, 2007 2:27 pm Subject:
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Blue-That is great info!
Hope things are getting better 
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volleyballmom
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Joined: 27 Aug 2007
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Posted: Wed Sep 19, 2007 2:35 pm Subject:
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The only ones I have left that I am dealing with are the 2 internet ones, and let me tell you they werent very happy about me wanting to pay the loans off in full. LOL. It does feel great though to be getting back on even footing with my finances. If there are any typos I apologize I have a kitten climbing all over my lap and my desk demading attention. As far as the collection agencies are concerned I am just waiting on statements in the mail so I can go from there. Hope everything is going well with you as well.
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blueangelkc80
Joined: 11 Sep 2007
Posts: 129
Debtcc Points: 2832
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Posted: Wed Sep 19, 2007 2:44 pm Subject:
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Blue, I am happy to hear things are going well and you are sounding much better. OF course they were not happy with you paying them becuase they will no longer be able to bleed you dry... How wonderful for you!!
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Wed Sep 19, 2007 2:49 pm Subject:
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I am not out of the woods yet. They may still try and debit my account even though its paid since my mom insisted on keeping the checking account open at this point. I am trying to work on getting her to agree to opening a new account so that they dont have the banking information for my account anymore.
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blueangelkc80
Joined: 11 Sep 2007
Posts: 129
Debtcc Points: 2832
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