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Very Interesting Stuff to Ponder

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What with the Olympics ending and the Democrats starting their bash in Denver this week, it's interesting to turn my mind to the campaign and each candidate's position on predatory lenders and payday loans.
I know that Obama has supported a cap of 36 percent interest on all PDL's, ie, bringing the law that military members are covered under to all Americans, but as we now know, his running mate is Joe Biden, the Senator from Delaware. And as we who have suffered from internet PDL's know, Delaware is the IPDL capital of the USA.
Any speculations??

For every licensed PDL in Delaware there are two in Kansas that aren't licensed anywhere. I'd be THRILLED if they would at least do something about those . . .

but I don't think we'll see anything. Congress feels like it "did something" about PDL's with the military protections and the attention is all on the mortgage crisis, gas prices and the war. If we see any action at all it will be by accident, i.e., some law gets passed to deal with subprime mortgages that happens to affect other credit like pdl's.

Sub: #1 posted on Sun, 08/24/2008 - 21:21

FreakyFriday FreakyFriday

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Very interesting.......Believe it or not, I was thinking the exact same thing over the weekend. I doubt that it would be a campaign issue.......I think it is a step in the right direction that ABC did that big story on US Nat'l Bank. Maybe a letter or a petition can be mailed to his headquarters.

Sub: #2 posted on Mon, 08/25/2008 - 05:39


I didn't know that Obama formally announced Biden as his running mate? I must have missed it on the news this morning!

Sub: #3 posted on Mon, 08/25/2008 - 05:47

smo65d11 smo65d11

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I agree with Freaky. . . .I don't think we will see anything significant anytime soon. I think there you will see more "control" over the situation from this board than you will see from the powers that be. I have been involved in local politics for most of my adult life and the political scene right now is very disappointing to me. I think controlling the PDLs is very low on the priority list so we will have to continue to "educate" as best we can. Fighting an uphill battle is tough and there is no "trickle down" theory when it comes to the PDLs. I would encourage everyone to keep after their State authorities to start the ball rolling. It's tough and sometimes we don't think that we are being heard, but we are. It's just gonna take time and a lot of perseverance.

Sub: #4 posted on Mon, 08/25/2008 - 06:25

llw1995 llw1995

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I do have to agree with everyone. I think it all boils down to economics--who gets a PDL??? Mostly people who are struggling, are desparate, who are renters, etc. Do we vote, as a group, not, which it's easy for the politicians to ignore us. On the otherhand, who buys a house--and do they vote?? Obviously, the answer is yes, which is why the forclosure issue has become a sexy one this campaign season.
What we have to do is figure out how to put legs into our issue--which is the banning of PDL's.

Sub: #5 posted on Mon, 08/25/2008 - 06:52

kscornell kscornell
(Posts: 4409 | Credits: )

Again I agree. I am a person who takes matters into my own hands (obviously, within reason) and believes that you can't sit around waiting for someone else to "fix" everything. With each one of us making some headway within our own little PDL world, we are becoming part of a larger group, which in turn will make a larger impact as we are heard by our individual states. If you are lucky enough to find a Sentaor, Legislator in your State that will listen, you can make some strides. I live in Western New York and with my local ties, I know personally many of the people who represent me. I also feel that the powers that be in Albany make it a point to frequently "visit" the people who put them there in the first place. I don't hesitate to contact them when a situation arises. You may not see results immediately, but you will eventually. In the meantime, follow the advice of the good folks on this board and together we will see a decrease in this activity as more and more people become educated in the perils of dealing in the PDL world.

Sub: #6 posted on Mon, 08/25/2008 - 07:18

llw1995 llw1995

(Posts: 1422 | Credits: )

I do not think we will see results right away but i do think there is more focus on these loans. if you do a google search on a payday loan company (which i did when trying to contact a few to settle), you will see blogs and articiles warning people on their dangers. however, payday loans are really the only way for people with bad credit to get fast money. until everyone learns how to budget, save, etc., people will take them. this makes me sad but i see it all the time (and been there myself!) luckily, i found this board which is the most helpful webpage i have ever found.

Sub: #7 posted on Mon, 08/25/2008 - 07:49

bea2ls bea2ls
(Posts: 3840 | Credits: )

I agree but i alwasy believe that is strength in numbers if enough people make enough noise , then someone is going to have to listen and these people we elect into office they are the main ones the we should be making noise at... Just my opinion.

Sub: #8 posted on Mon, 08/25/2008 - 14:09


(Posts: 129 | Credits: )

Good discussion here. What I want to know is how do we make this a campaign issue? Would it be good if we could actually do chats with candidates in some of the states? We have to start spreading the message and spreading it in different places. What do you guys propose?

Sub: #9 posted on Mon, 08/25/2008 - 19:40

kscornell kscornell
(Posts: 4409 | Credits: )

ks. . .not sure how to get that started but I do agree that the message needs to be out there. Had I not found myself in this position I would have never known about PDLs. It's not a buzz word. By the time you DO know about them it is too late. Perhaps if we work on this as a group we can come up with something. Let me give it some thought.

Sub: #10 posted on Tue, 08/26/2008 - 05:39

llw1995 llw1995

(Posts: 1422 | Credits: )

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