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Payday Loan Marketers Who Tricked Consumers With Christian Faith Financial Settle With the FTC

Two men who operated a service, using websites including Christian Faith Financial (source), matching borrowers with potential lenders will pay $800,000 and the proceeds from the sale of a house to settle Federal Trade Commission charges that they tricked hundreds of thousands of payday loan applicants into paying for an unrelated debit card. The FTC is closely monitoring payday lending ... Read More »

    TSA Employees More Likely to Have Money Troubles and Bad Credit

    Payday Rates

    An awesome tipster (send in your tips here) sent in a recent government report on payday lending contained some interesting facts about the financial health of government security/law enforcement employees. It also contained this gem of a chart showing how banks are profiting more and charging much higher interest rates than payday lenders are. If we use the prevalence of ... Read More »

      The States Most Loaded With Payday Lenders – Map.

      Payday Loan Shops by State

      Click on map for larger version. The Center for Responsible Lending, a group that I really admire, recently published a map of payday loan shops showing density by population. Interesting. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

        FBI Pissed About Phony Debt Collectors of Payday Loans Pretending to be FBI Agents

        Ready to Collapse

        Last December I first covered the problem with fake debt collectors calling to allegedly collect on past due payday loans. See “Frightening Calls From Fake Debt Collectors Threaten People With Jail for Payday Loans. It’s a Scam.” Well apparently now the scammers are saying they are FBI Agents. Interesting move. Not smart. The FBI has issued the following warning for ... Read More »

          Illegal Internet Payday Loans From Government Employees Credit Center and Dollar Financial Hit Snag in WV

          Ready to Collapse

          West Virginia Attorney General Darrell McGraw launched another volley recently in his office’s campaign to stop usurious Internet payday loans in West Virginia, seeking $3.9 million in penalties from Government Employees Credit Center, Inc., (GECC) and the Dollar Financial Group for making and collecting illegal payday loans in contempt of a court order. Attorney General McGraw and his Consumer Protection ... Read More »

            Payday Lenders Prepare for Big Payday Loan Rush in December

            Ready to Collapse

            Payday lenders know what happens each December, they get busy. While there has been much written about the dangers of payday loans, there seems almost nothing that will break the trend of accelerating payday loan interest in December. Since 2004, December has proven to be a very popular month for payday loans, right behind late Spring. What is fascinating is ... Read More »

              Debtors’ Prison, Why Creditors Don’t Care if You Repay Your Debt, and Bankruptcy – The Get Out Of Debt Guy Show

              On today’s show I talk with Dr. Louis Hyman, an expert in the history of debt. Not only was it great talking with him but we chatted just as long off the air. This is one guy you’ll be hearing more from in the future on this show. We talked about the history of debt, why budgets are flawed, a ... Read More »

                Payday Loan Defendant Settles FTC Charges; Illegally Tried to Garnish Borrowers’ Wages

                Ready to Collapse

                One of the owners of a payday loan and debt collection operation has agreed to settle Federal Trade Commission charges for his role in a scheme that illegally tried to garnish borrowers’ wages and used other illegal debt-collection practices. According to the FTC’s complaint, the defendants, doing business as Ecash and GeteCash, offered loans to be repaid from borrowers’ upcoming ... Read More »

                  Arizona Payday Lenders Getting The Hell Out of Arizona

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                  Recent legislation changes in Arizona changed the maximum interest rate that can be charged to 36%. Payday lenders feel they can’t do business charging 36% so they are closing up and leaving the state in droves. Advance America Cash Advance Centers has announced it will close all 47 of its Arizona locations along with 75 in other states. Attorney General ... Read More »

                    Hard Working American’s Specifically Targeted by Businesses That Make Billions Off Them

                    Hard working American’s of all socioeconomic strata are specifically targeted with financial products or services to make a fortune off those either living in chronic desperate times or experiencing sudden financial troubles. The new book, Broke USA by Gary Rivlin, provides a welcome look inside the world of payday lenders and other fringe finance companies while supported by major Wall ... Read More »

                      Ohio Passes Bill to Cut Payday Lender Fees After Spirited Debate

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                      Some lawmakers argued that the unintended consequences of restricting the interest rate charged by Payday loans would lead to hurt people. Rep. Bill Coley said, “You’ve got the cart way before the horse,” he said, telling supporters they were being pious by trying to protect people from themselves. “Let’s find an alternative where people can borrow money from before we ... Read More »

                        Payday Lenders Not Happy With Payday Lending Limitation Act of 2010

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                        I can’t say I’m surprised that payday lenders are not happy with newly proposed legislation Payday Lending Limitation Act of 2010 that more heavily regulates their industry. Here is the industry response to the legislation. WASHINGTON–(BUSINESS WIRE)–The Community Financial Services Association of America (CFSA), the industry representing storefront payday lenders, said that Senator Kay Hagan’s (D-NC) proposal to limit payday ... Read More »

                          Text of The Payday Lending Limitation Act of 2010

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                          Here is the text of the Payday Lending Limitation Act of 2010, S.3245. A BILL To establish rules for small denomination, short-term, unsecured cash advances, such as `payday loans’. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the `Payday ... Read More »

                            Something Stinks in Missouri With Payday Loan Legislation

                            Don Wells

                            Payday lenders are the target of recent legislation to control predatory practices. New federal legislation is in the works and some states have moved on this issue themselves. But what is happening in Missouri is interesting. It seems that the Financial institutions Committee that has conducted hearings on the bill, only allowed representatives of the payday loan industry to testify. ... Read More »

                              The Payday Lending Limitation Act of 2010

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                              U.S. Senator Kay R. Hagan (D-NC) will introduce legislation soon regarding payday lending. As she says, The purpose of the legislation is to ensure payday lenders can no longer send hardworking families into a spiral of debt. The Payday Lending Limitation Act of 2010 protects borrowers by ensuring that short-term cash advances remain short-term. Senators Richard J. Durbin (D-IL) and ... Read More »

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