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The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lenders

ChezC3

ChezC3

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Payday lenders fearing modest federal regulations will cut into their vast profit margins have a new, high-profile ally in Washington: The chairwoman of the Democratic Party.
Rep. Debbie Wasserman Schultz (D-FL) is co-sponsoring legislation to delay and permanently muffle pending Consumer Financial Protection Bureau (CFPB) rules to rein in small-dollar lenders that are currently able to levy triple-digit annual interest rates on the nation’s poorest, the Huffington Post reports.
The bill would force a two-year delay of the CFPB’s rules, which are still being drafted. Last spring, the agency set out a framework for its rulemaking process that indicates it is taking a more modest approach than industry critics would prefer. But the bill Wasserman Schultz signed onto would both delay those rules further, and permanently block them in any state that enacts the sort of ineffectual, industry-crafted regulatory sham that Florida adopted in 2001.
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The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lenders | ThinkProgress

So, the DNC Chair, the head of the Party is in bed with the real super predators.

But I thought the Dems were suppose to fight for the rights of the poor, not help exploit them?

Wake up people this is the same animal who has done and is doing everything in her power to make sure her swindle sister HRC gets the DNC nom...
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

I don't think you really have to sell to too many people that DWS is a POS.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

I had an employee once who got caught up in the payday lender treadmill. I told her I would pay off her loan if she promised to end the relationship. She agreed, I paid off the loan and within two weeks she was back at it. Perhaps the borrowers are as guilty as the lenders.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

Kobie said:
I don't think you really have to sell to too many people that DWS is a POS.
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Nope. As far as I can tell, she's the moral and ethical soul mate of Lanny Davis.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

Interesting, I would assume this sort of thing would be parlayed into a campaign issue.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

ChezC3 said:
The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lenders | ThinkProgress

So, the DNC Chair, the head of the Party is in bed with the real super predators.

But I thought the Dems were suppose to fight for the rights of the poor, not help exploit them?

Wake up people this is the same animal who has done and is doing everything in her power to make sure her swindle sister HRC gets the DNC nom...
Click to expand...

Payday loans are kinda iffy anyways and I do not know why they allow such extreme interest rates. I have seen some with as high as 400% interest rate, and I do not even know if that is legal. Others I have seen with a 10% interest rate if paid within the alloted time, usually one to three months, then skyrcketing interest after. The latter seems decent for people who actually ntend to pay, while the former is cashing in on stupidity, which there is no shortage of.

I live near a military base, and probably 95% of the payday loan sharks straight up gouge people, and there is no fine print either, they blatently tell them, and know people will see the money numbers and ignore the interest rates.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

beerftw said:
Payday loans are kinda iffy anyways and I do not know why they allow such extreme interest rates. I have seen some with as high as 400% interest rate, and I do not even know if that is legal. Others I have seen with a 10% interest rate if paid within the alloted time, usually one to three months, then skyrcketing interest after. The latter seems decent for people who actually ntend to pay, while the former is cashing in on stupidity, which there is no shortage of.

I live near a military base, and probably 95% of the payday loan sharks straight up gouge people, and there is no fine print either, they blatently tell them, and know people will see the money numbers and ignore the interest rates.
Click to expand...

If I'm not mistaken the reason why they can charge an exorbitant rate of interest is because they can't report you to the credit agencies. I'm not 100% certain on that but I thought I remember reading or hearing something like that.

It would make sense if you look at their target demographic. People who get these loans by and large have given up on their credit score long ago.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

fmw said:
I had an employee once who got caught up in the payday lender treadmill. I told her I would pay off her loan if she promised to end the relationship. She agreed, I paid off the loan and within two weeks she was back at it. Perhaps the borrowers are as guilty as the lenders.
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I got a pick-up back from a payday type lender for a guy who occasionally worked for me. (alcoholic)

A month later he sold it for booze.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

beerftw said:
Payday loans are kinda iffy anyways and I do not know why they allow such extreme interest rates. I have seen some with as high as 400% interest rate, and I do not even know if that is legal. Others I have seen with a 10% interest rate if paid within the alloted time, usually one to three months, then skyrcketing interest after. The latter seems decent for people who actually ntend to pay, while the former is cashing in on stupidity, which there is no shortage of.

I live near a military base, and probably 95% of the payday loan sharks straight up gouge people, and there is no fine print either, they blatently tell them, and know people will see the money numbers and ignore the interest rates.
Click to expand...

If you only knew how many hours I spent lecturing the young sailors about the predatory car dealers, and rent to own stores, and loan shops. I used to pull my hair out whenever I saw some 20 year old sailor pull up in a 10 year old BMW with a 150,000 miles on it.........and $400.00 a month payments.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

fmw said:
I had an employee once who got caught up in the payday lender treadmill. I told her I would pay off her loan if she promised to end the relationship. She agreed, I paid off the loan and within two weeks she was back at it. Perhaps the borrowers are as guilty as the lenders.
Click to expand...

Perhaps?
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

ChezC3 said:
If I'm not mistaken the reason why they can charge an exorbitant rate of interest is because they can't report you to the credit agencies. I'm not 100% certain on that but I thought I remember reading or hearing something like that.

It would make sense if you look at their target demographic. People who get these loans by and large have given up on their credit score long ago.
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Yes, that's part of the reason (credit reporting). The other parts of the reason for the high rates are twofold. Massive risk, as the people who tend to get payday loans do so because they can't get conventional loans. Also, high risk again because it's an unsecured loan.

There are many times that payday loans work. People who can use them responsibly should have access to them. No, they aren't ideal, but if your credit score is in the low 500s, and you need $1000 to fix your car, and you have no other means of getting the money, you should have the right to get it from a payday lender without Uncle Daddy Sam stepping in to babysit you. The people who foolishly use them are their own worst enemies.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

If Wasserman-Schulz were concerned with the "little people" as her party affiliation suggests, she would not be protecting the predatory lenders, she would be advocating to bring back Postal Banking, a system that served this country well for many years.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

ChezC3 said:
If I'm not mistaken the reason why they can charge an exorbitant rate of interest is because they can't report you to the credit agencies. I'm not 100% certain on that but I thought I remember reading or hearing something like that.

It would make sense if you look at their target demographic. People who get these loans by and large have given up on their credit score long ago.
Click to expand...

That is probably true, but I think it has to do more with peoples desire to spend today money they do not have, and pay 4 times that tomorrow. There are a few payday lenders who are reasonable, and work well for a short term money crunch, but most look to supply people short term and rape them in the long term.

But yeah people who tend to fall for interest traps usually never had good credit anyways, and probably never cared in the first place which is bad. A bankruptcy is bad on credit, while continuously bad credit with constant late and missed payments is even worse.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

beerftw said:
That is probably true, but I think it has to do more with peoples desire to spend today money they do not have, and pay 4 times that tomorrow. There are a few payday lenders who are reasonable, and work well for a short term money crunch, but most look to supply people short term and rape them in the long term.

But yeah people who tend to fall for interest traps usually never had good credit anyways, and probably never cared in the first place which is bad. A bankruptcy is bad on credit, while continuously bad credit with constant late and missed payments is even worse.
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Oh, yeah, it's totally just regulated shylocking..
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

fmw said:
I had an employee once who got caught up in the payday lender treadmill. I told her I would pay off her loan if she promised to end the relationship. She agreed, I paid off the loan and within two weeks she was back at it. Perhaps the borrowers are as guilty as the lenders.
Click to expand...

I spent a lot of time in the field so my wife handled the finances. She got us in this kind of circle. That is a large part of why she is an ex wife.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

ChezC3 said:
The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lenders | ThinkProgress

So, the DNC Chair, the head of the Party is in bed with the real super predators.

But I thought the Dems were suppose to fight for the rights of the poor, not help exploit them?

Wake up people this is the same animal who has done and is doing everything in her power to make sure her swindle sister HRC gets the DNC nom...
Click to expand...

its good to see you support federal regulation to protect people from predatory lenders. Think Progress did a nice job of explaining the situation. This bill sorta reminds me of the way Bush preempted all state laws against predatory lenders in 2004 which led directly to the Bush Mortgage Bubble. But that wasn't a bill, it was a policy and it was over the objection of democrats, all 50 state banking supervisors and all 50 state Attorney Generals. But Bush’s preemption trampled state’s rights (which led directly to the Bush Mortgage Bubble). This bill is about “leaving it up to the states”. It just doesn’t come off as the hyperbolic “is in bed with the real super predators”. Hey, when payday lenders can destroy the economy and cause a worldwide recession, then you can call them super predators.

But the problem as Think Progress as points out is that some states are more willing to tolerate these predatory practices. TP says Florida’s law is a sham. See how the article explained why they called it a sham. (left leaning editorials aren't afraid of facts). But I, like you, side with Elizabeth Warren on this one.

But I didn’t really see how this relates to Hillary or makes democrats hypocrites because Debbie supports it. Reasonable people can disagree. Wait a second, is this just a hypocritical post of an issue you really don’t care about just to post some tortured narrative critical of Hillary? You do realize that supporting corporate greed to the detriment of average Americans is SOP for republicans. It’s like the way you guys are only concerned about poor people when a bill is floated to raise the gas tax or in threads celebrating the Great Obama Bull Market but happily cheered when republicans killed President Obama’s jobs bill. Geez, you guys were even calling half of America leeches and parasites.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

I actually fell into this game in Florida. Amscot loved me for several months until I cut the chain finally.
The appeal is that first loan. It let's you go above and beyond your normal means and you don't tend to consider the $30 - $50 per paycheck you end up losing for nothing or that to crawl out of the loan you will eventually have to pay that "above your normal means" back.
I now block the name from my head and don't even see its sign. :)

I tend to agree with this not really being a Clinton issue. Both party's leaders associate with people who probably have views or take actions they don't necessarily support themselves.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

lb_on_teh_cb said:
who forces them to take the "predatory" loans?
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Need & Circumstance. It's not who it's what.

The question you pose is ridiculous at face as it assumes the people who take these loans do so cheerfully knowing that they are paying 400% interest.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

ChezC3 said:
Need & Circumstance. It's not who it's what.

The question you pose is ridiculous at face as it assumes the people who take these loans do so cheerfully knowing that they are paying 400% interest.
Click to expand...

of course it is
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

beerftw said:
That is probably true, but I think it has to do more with peoples desire to spend today money they do not have, and pay 4 times that tomorrow. There are a few payday lenders who are reasonable, and work well for a short term money crunch, but most look to supply people short term and rape them in the long term.

But yeah people who tend to fall for interest traps usually never had good credit anyways, and probably never cared in the first place which is bad. A bankruptcy is bad on credit, while continuously bad credit with constant late and missed payments is even worse.
Click to expand...

I disagree with that. I know people who've had to use these SOBs... hell, I had to use them once, and it wasn't to go on a shopping spree. Now, I paid as the terms dictated and only got a small chunk of flesh torn from me. But I can understand how easily it is for people to get caught up in the trap where people are forced into selling off their first born.

Of course, I can't speak for everyone, and if it is to live some rock and roll lifestyle, than hey deal with the hangover, but when it deals with people who just have life happen to them and these jackals are allowed to feast, well that's a different tune completely.
 
Re: The Official Head Of The Democratic Party Joins GOP Effort To Protect Payday Lend

Rather misleading headline, about the DNC Chair "joins GOP Effort to Protect Payday Lenders".

The article itself states:
Six of the 10 Florida Dems in the House have signed on to this measure including the DNC chair, meaning there are more Republican holdouts from the Florida group than there are Democratic resistors.
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And no mention is made of any GOP members who support the measure. So why the "joins the GOP" phrase?
 
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