Posted on 03/25/2015 6:46:51 PM PDT by E. Pluribus Unum
President Obama is expected to discuss new regulations on payday lending during a trip to Alabama on Thursday, with the Consumer Financial Protection Bureau announcing the new rules before his speech.
The CFPB will hold a field hearing on payday lending and car title lenders in Richmond, Virginia on Thursday. The administration is concerned that consumers fall into deep debt rapidly from the short-term, high-rate loans.
(Excerpt) Read more at washingtontimes.com ...
He really has it in for the payday loan business. I wonder if it’s a Muslim thing?
I seem to recall there was a fatwa about loaning money with an interest rate attached to the loan.
The law is what Obama says it is.
It won’t affect most Obama voters.
Very few have paydays.
Most don’t work and live by sucking the government teat.
The rest are his wealthy financial supporters - the ones he keeps campaigning against.
The govt should be concerned about poor accounting and trapping future generations into paying for overspending now allowed by idiotic borrowing. The govt is run by maroons.
Isn’t this a state’s issue?
President Obama is expected to discuss new regulations on payday lending during a trip to Alabama on Thursday.
He’s what — a community organizer? What the hell does he know about this? NOTHING!
I took out a loan when my car broke down and I had just started a job after graduating technical college about 9 years ago. I did not qualify for a loan through my credit union and literally had about $20 bucks to my name.
I knew the risk, the financial terms, and the interest rate that was close to 500%. I signed the agreement and paid it all back within a month.
All this will do is hurt people who simply cannot get a traditional loan through a bank or credit union. Yeah, yeah I know. People need to be more responsible, but payday loan companies serve a niche. Sometimes they do keep people trapped in payment cycles, but that's because people borrow more than they need and don't understand the risks involved. And besides, how is that different from federal government policies that trap them on welfare and other federal benefits?
This is another example of federal government overreach and Obama playing politics to stoke up more class envy and anger among the black underclass. I bet there'll be some type of Obamaloan that will take over the market, you heard it hear first.
Registered Dems won’t have to pay interest.
He’s looking to protect the giant underclass democrats he’s importing.
Cui bono?
Hyde Park Democrats hate the working poor.
Almost all new collection agencies start up with this debt. Its the only debt available to new agencies without a reputation. This will clearly eliminate future competition for someone, I wonder who someone contributed to.
Oh googy goody gumdrops! Another bureaucrappy issuing thousands more pages of regulations! Yippee!!
A quick trip to Amscot can solve a multitude of “liquidity issues” for those who live paycheck to paycheck, as about half the population of the USA does.
The interest rate is a straight up 10%, plus $1.00.
Say you need $300.00 to pay your rent, but an unexpected doctors visit or car repair bill cleaned out your tiny savings cushion.
Kiting a check could get you charged with a crime, fines, and possible jail time, in addition to the bank's insufficient funds fee of $35.00.
Not to mention the rental late payment fees.
No bank is going to loan you the money.
But a payday lender will, and on $300.00, the cost will be $31.00.
No late rental fees, no risking a bounced check, and no risking criminal charges and possible jail time.
Any one of the above will typically add up to be much more than $31.00!
Are the feds going to offer a new ultra-short term loan plan?
ROTFLMAO!
I would like to know who in their right mind would use one of those places? Oh that’s right ...........Democrats
It won't white males and other American taxpayers, I'd wager.
No shame at all, eh?
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