Payday Loans in Ohio…… continued
According to paydayfacts.org, The Ohio Grocers Association has backed Ohioans For Financial Freedom. The group is stating that consumers are going through a lot of economic hardships, and taking away additional sources of financial help is not the way to go. The other aspect they are concerned about is the fact that if this legislation takes effect, 6,000 employees in the payday lending industry could loose their jobs, resulting in their bills and loans becoming delinquent ultimately affecting other financial industries. This group believes that consumers should be able to make their own decisions about borrowing money, and the government should not be making that decision.
Either way, the payday loan lead type is a very demanded lead type with Leadpile Lead Exchange.
We shall see if Ohio falls in the footsteps of some other states developing legislation in this industry.
Consumers should have choices. The government shouldn’t be determining how individuals manage their finances. Payday isn’t for everyone, but all individuals should have all the options available to them (no matter what they need!) and let them choose what is best for them and their families. From an economic standpoint, why would we risk another 6,000 jobs when the unemployement rate in Ohio is the highest it has been in over 17 years? Seems like the government should reconsider what is important to consumers and citizens.
1Let people make their own financial decisions. Our government is running out more jobs than we can create.
2Amen to the support, Payday lenders also have support from the Chamber of Commerce.
Ohio Chamber of Commerce Backs Financial Choice, Jobs and Competition
August 25th, 2008 •
Ohio Chamber of Commerce Backs
Ohioans For Financial Freedom
To Keep Jobs and Consumer Choice
COLUMBUS, OH – The Board of Directors of the Ohio Chamber of Commerce has given its support to Ohioans For Financial Freedom saying imposing overbroad government regulations is not the way to revitalize Ohio’s economy.
“The Ohio Chamber champions free enterprise and economic competitiveness and we believe HB 545, as passed by the Ohio General Assembly, runs counter to our mission”, said Andrew E. Doehrel, president and CEO of the Ohio Chamber of Commerce. “This new law, if not reined in by Ohio voters, will drive an entire industry and 6,000 good-paying jobs out of our state.”
If HB 545 goes into effect it means the loss of nearly $300 million to Ohio’s economy including $172.6 million in annual employee payroll, benefits and payroll taxes, $76.8 million lost in rent revenue to landlords across the state, and $23 million lost in advertising vendors. In response to this legislation, most of the major payday lending companies have announced they will close stores in Ohio putting as many as 6,000 jobs with benefits in jeopardy.
“As we strive to turn around our economy we must allow the free market to meet consumer demands and facilitate the creation of much needed jobs”, said Doehrel.
With 1,600 stores in the state, consumer demand for short-term credit is clear. Payday advance fills a need not met by traditional financial institutions and is a convenient, less costly option for short-term, unsecured credit. Removing access to reasonably-regulated storefront payday lending will force consumers into more expensive, and possibly even less-desirable, alternatives.
Ohioans For Financial Freedom is working to repeal section (3) of HB 545 offering consumers more lending options.
Founded in 1893, the Ohio Chamber of Commerce is Ohio’s largest statewide business advocacy group. The Chamber works to promote and protect the interests of its members – large and small – while building a more favorable Ohio business climate.
3Bravo! Both the Ohio Grocers Association and the Ohio Chamber of Commerce have stepped up and voiced their opposition to the loss of 6,000 jobs. VOTE NO ON ISSUE 5!
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