Weekly update of my legislative agenda issue.
Still no action on any of the payday lending legislation I previously listed. It appears that the conversation is continuing on reaching a compromise.
In the meantime, take a look at this article from The Virginian Pilot.
Lenders are targeting middle-income neighborhoods, usually near shopping malls, and avoiding poor areas.
[...]
Jay Speer, executive director of the Virginia Poverty Law Center, an outspoken opponent of payday loans, said he was surprised at The Pilot’s findings.
“It’s almost sadder that they’re hitting the middle-income folks,” he said.
I’m surprised, too. I have to wonder: is this a convenience thing, rather than a “lender of last resort” thing?
Technorati Tags: Payday Lending
Here’s an interesting post entitled “Who Takes Campaign Contributions from Payday Lending Companies?” from Heartland of Virginia.
Posted by eileen | Tuesday, January 29, 2008, 10:28 amActually, it’s very intuitive. The point of these “loans” is to become a permanent option for consumers and create/service a class of Americans who operate outside of the conventional banking system. Traditionally, one deposits a paycheck, pays bills, budgets the rest until the next pay check, and hopefully places something in savings. With payday lending you are presented with the tantalizing and irresponsible option to cash the check and start shopping. The closer you are to a shopping center the better. Saves gas. I wonder what other creative products they have planned for the future.
Posted by Adisa | Tuesday, January 29, 2008, 11:14 amThanks for the mention, Eileen. I figure it will be a good resource for those interested in who walks the walk, and who talks the talk.
Posted by Mark Brooks | Tuesday, January 29, 2008, 11:56 am