A followup on an earlier post on Dollartamer regarding Issue 5. It’s still early in the evening, but Ohio has overwhelmingly voted for Issue 5. This will cap payday loans to 28% APR and effectively run the payday loan industry out of Ohio.
If you want more details on the bill, check out our earlier post.
4 comments, join the conversation
Posted under News
Written by Matt on November 4, 2008
As I reviewed what was going to be on the Ohio Ballot this year, I came across Issue 5. This referendum would cap payday loans to a maximum of 28% APR. What is appalling is that the current cap is 391% ($15 interest on a 2-week $100 loan).
Unfortunately, the people who use these loans frequently get cought up …
3 comments, join the conversation
Written by Matt on October 7, 2008
Isn’t it sad how obvious this is and how many people (and even our Government) don’t get it? It took me longer than it should have to understand this concept
Big hat tip to thinkyourwaytowealth.com for remembering this skit.
NOTE: There appears to be a bug with IE6 where this isn’t appearing on the main page. Click here if …
One comment, what do you think?
Posted under Budgeting Written by Matt on October 2, 2008
Why is this step important?
I spent my 20’s not paying much attention to my finances. If I needed something, I’d put it on my credit card without a thought. My wife and I both had good incomes, our mortgage was low, I never even considered that I was slowly digging myself deeper into debt. When we had a child we lost my wife’s income and suddenly it hit me… Where did all my money go?
When I took a hard look at my …
2 comments, join the conversation
Posted under Budgeting, Series
Written by Matt on September 29, 2008
