An old saying asks the question, "if something isn’t broke, than why fix it?" Speaking of the short term financial assistance that payday lenders offer, things surely aren’t broken. In fact, customers sing the praises of payday lenders largely because, when used properly, they’re one of the fastest and safest ways out of a sticky financial situation. Unfortunately, some people in high places don’t see it this way and are trying to fix something that isn’t broken. Several bipartisan efforts have outlawed the entire industry in certain states, even inspiring presidential hopeful, Barack Obama, to take aim at them as well. On November 4, don’t vote by party; vote for the peoples’ right to financial freedom.

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This coming election day in the United States, consumers who benefit and depend upon the privilege and the availability of payday loans for unexpected emergency expenses must speak up. You have a chance to say your piece and voice your demand for financial freedom. Ohio’s HB 545 is not a Robin Hood that will “steal from the rich and give to the poor.” Instead, this is more like the Sheriff of Nottingham appointing more vassals, and this is what banks and credit unions are supporting. They’re aware that this proposal will leave many financial operations, such as payday loans and other lenders, vulnerable or out of business. This will allow banks and credit unions the opportunity to snatch up any business that’s left behind, and subject consumers to a product that will be even more profitable to banks: overdraft protection. A 391percent on faxless payday loans is nothing compared to an overdraft protection which typically costs in excess of 1,000 percent APR. So, which one’s the moneymaker? Keep in mind that payday loans are typically only two-week loans to begin with, so it’s an apple and orange argument. In addition, voting NO on HB 545 will save about 6,000 jobs in Ohio. Undoubtedly, many who might lose their jobs because of government overregulation will be forced to work and/ or live outside of Ohio. This means it will create a tax and spending power deficit for a state that is already suffering severe budget problems. Join in on the discussion and heed what people’s perspectives are on HB 545 on the blog at Link. If you value the importance of financial freedom and you want to prevent further economic disaster, vote NO on HB 545.
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Barack Obama won the recently concluded presidential election. So many expectations are waiting for him. Nowadays, there are economic problems that he needs to solve especially the issue on payday loans. Obama has promised the U.S. a lot of things like lower taxes for the middle class, putting a timeline on the war in Iraq, and trimming the federal budget “line by line.” What many Americans don’t realize is that Obama has also supported the elimination of the payday loan industry. Obama thinks doing away with the payday loan industry will protect low-income, and often minority, families from being victimized by predatory lenders. However, getting rid of the payday loans is a violation of our financial freedom. Maybe Obama will give America what it needs, but taking away our financial freedom isn’t a great start to creating positive change. Read more on this Link