State Democrats target payday lending
COLUMBIA — South Carolina Democrats have adopted a plank to their party platform that calls on the Legislature to adopt a ban on payday lending. The resolution also bars the party or its candidates from taking money from the industry.
The House is considering a bill from the Senate that falls short of a ban but calls for greater regulation of payday lending.
Former state Sen. Tommy Moore was the party's 2006 gubernatorial nominee and now is lobbying and doing public relations work for Community Financial Services Association of America, the payday lending industry's biggest trade group.
The party also approved a tongue-in-cheek resolution encouraging Republican presidential hopeful John McCain to tap South Carolina Gov. Mark Sanford as his running mate.
E-mail this story
Printer-friendly version
Comments
JohnS (anonymous) says...
Knee jerk politics. Telling people how to spend their money. The offices help those who have limited income. Would it be better to have your lights stay on or have them cut off and to wait until you get paid a week later. They say the fees are less than what a bank charges for a bad check or most credit cards charge on a $100.00 borrowed.
Yes it would be good if you did not have to use these people but if you don't have credit or family they say these people help in a time of need.
May 5, 2008 at 8:28 a.m. ( permalink | suggest removal )
UnoCubanito (anonymous) says...
I have never used a payday lending before, but do believe that it is also NOT right for the government to dictate once again. Personal freedom has been hijacked by those who wish to tell everyone how he/she should or shouldn't be using or doing. I have heard of people who use them A LOT, but is it the lenders at fault or the person who use more than one just to do whatever is needed with it. It's funny that I am 26 years old and I came to this country from Cuba at the age of 11 yrs old. I love my freedom and ability to work freely, and make decisions that maybe good for me or not good for me, but I made those choices instead of it being written in a Law. How are we any different from my country Cuba? Sad when you think about how we live in a country of freedom to make choices in our lives and some are not right and we pay for them. Yet the only difference I can see between Cuba and the way the United States is about to become is as followed: Cuba you are told what is best for you, and given an education in what the government feels they need more of, and don't try to speak out. In the United States you have the choice to follow your dreams to whatever it comes out to at the end, and speak out against things that are wrong. BUT at the end both are alike because the government will always remind you that they know whats best for you and you MUST deal with it like good citizens of that country.
May 5, 2008 at 9:10 a.m. ( permalink | suggest removal )
CHRISJIII (anonymous) says...
I think this industry really needs to have very strict regulatory oversight because it does prey on the poor.Maybe the state dodged a bullet in not electing Tommy Moore governor.
May 5, 2008 at 9:53 a.m. ( permalink | suggest removal )
eyfigueroa (anonymous) says...
cubanito: what an interesting point.
May 5, 2008 at 10:49 a.m. ( permalink | suggest removal )
Lenny (anonymous) says...
these places prey on the poor and the uninformed causing more problems than they help, I'd rather have my lights shut off for a month then use them
May 5, 2008 at 10:52 a.m. ( permalink | suggest removal )
5thGenerationLocal (anonymous) says...
Whatever happened to personal responsibility?
May 5, 2008 at 11:12 a.m. ( permalink | suggest removal )
CountryGirl (anonymous) says...
I know someone that works at one of these places and she said A LOT of the customers are elderly, living on Social Security. Also, she said most of them are raising at least one grandchild or even more, and they use the business as an on going loan because it's easier to get than a bank loan.
May 5, 2008 at 2:23 p.m. ( permalink | suggest removal )
Girleygirl (anonymous) says...
Payday loans are a JOKE. I will try to go to a long lost relative or Make a Wish foundation before letting these people rob me!
May 5, 2008 at 2:30 p.m. ( permalink | suggest removal )
Slick50 (anonymous) says...
The SC Democrats have adopted a plank that calls on the Legislature to adopt a ban on payday lending. The resolution also bars the party or its candidates from taking money from the industry.
From what I am reading here, it appears the Dems are targeting a lobbyist, not an industry. Rest assured the state legislature will do nothing to curtail payday loans no matter how usurious their rates are.
May 5, 2008 at 3:07 p.m. ( permalink | suggest removal )
Carolina_Politics (anonymous) says...
This is just stupid. Payday lenders provide a legitimate service to people who need it. There is nothing wrong with this industry. Everyone falls into hard times or some emergency situation where they suddenly need to have the advanced cash and can't wait. Sure, there are people who abuse the system and get caught up in debt, but that is not the state's concern. That has to do with personal responsibility. If this ban were to actually become reality, which I doubt it will, all of these places across the state would shut down. People would lose their jobs and the state would lose tax revenue. If the state Democrats really want to help, they'll tell their elected officials to keep their hands out of the marketplace.
http://www.carolinapoliticsonline.com
May 5, 2008 at 8:53 p.m. ( permalink | suggest removal )
Postandcourier.com is pleased to offer readers the enhanced ability to comment on stories. We expect our readers to engage in lively, yet civil discourse. Postandcourier.com does not edit user submitted statements and we cannot promise that readers will not occasionally find offensive or inaccurate comments posted in the comments area. Responsibility for the statements posted lies with the person submitting the comment, not postandcourier.com. If you find a comment that is objectionable, please click "report abuse" and we will review it for possible removal. Please be reminded, however, that in accordance with our Terms of Use and federal law, we are under no obligation to remove any third party comments posted on our website.
Users can now build user-to-user connections, follow friends' recent posts, add an avatar that fits their personality, and more. If you have posted here before you'll need to sign up again, or if you've never posted before, start now by signing up!
Full terms and conditions can be read here.