Governor Strickland decided to sign the payday lending bill yesterday.
For all you liberal do gooders; have you ever been told that you needed to pay your car payment by Friday or have your car repossessed?
Then when you couldn't pay, your car actually was repossessed. Have you ever tried to get your car out of hock? Let's put it this way, it's a hell of lot cheaper than the $100.00 in interest someone would have had to pay on a payday loan. Trust me, I have personal experience to work off of.
I would have happily done a payday lending loan. In my case, it wasn't practical since I didn't know when I was going to receive payments from my clients.
What about a bounced check, have you ever seen the return check charges from the bank? My bank charges $38.00. If you bounce it at a store they'll probably hit you up for another $30. You are $68.00 in fees on what could be a $68.00 check. Hey, smart ass progressive, calculate the rate of interest on that one.
By the way, while were talking returns, what's that rate of return on lottery tickets? But I guess for "progressives", it's OK to steal from the poor as long as the government does it.