| FTPLS Attacks Rep. Hintz's Bill as a "Job Killer" |
FOR IMMEDIATE RELEASE
PRLog (Press Release) – Aug 28, 2009 – The Fairness to Payday Lenders Society condemned the bill being sponsored by Rep. Gordon Hintz (D- Oshkosh) to set a 36% APR rate cap on all payday loans in the state of Wisconsin. Citing an inability to continue doing business in the face of a 95% revenue cut, FTPLS spokesman Jackson Strain called on Hintz to drop the bill.
“By unfairly targeting payday lenders, who provide a valued and needed service to the citizen of Wisconsin, Gordon Hintz is unwittingly playing into the hands of banks and credit unions charging outrageous NSF and overdraft fees,” Strain said. “His bill excludes these institutions from the rate cap, therefore eliminating a cheaper and more popular form of short-term credit from consumers”.
Payday loans are used responsibly by millions of Americans, providing them with a credit option at a price that has repeatedly been proven to be fair and acceptable to the consumer. 94% of all loans are paid off on time, in stark contrast to sensationalist media reports that focus on irresponsible consumers and lenders who do not represent either the average consumer or the industry.
Strain concluded, “A prominent and widely-read blogger has called Hintz a ‘Job Killer’ and we agree with that assessment. His bill will throw thousands out of work while simultaneously restricting credit in an unprecedented period of high unemployment and credit shock. The FTPLS condemns Rep. Hintz’s self-aggrandizing, short-sighted, and anti-business legislation.”
“By unfairly targeting payday lenders, who provide a valued and needed service to the citizen of Wisconsin, Gordon Hintz is unwittingly playing into the hands of banks and credit unions charging outrageous NSF and overdraft fees,” Strain said. “His bill excludes these institutions from the rate cap, therefore eliminating a cheaper and more popular form of short-term credit from consumers”.
Payday loans are used responsibly by millions of Americans, providing them with a credit option at a price that has repeatedly been proven to be fair and acceptable to the consumer. 94% of all loans are paid off on time, in stark contrast to sensationalist media reports that focus on irresponsible consumers and lenders who do not represent either the average consumer or the industry.
Strain concluded, “A prominent and widely-read blogger has called Hintz a ‘Job Killer’ and we agree with that assessment. His bill will throw thousands out of work while simultaneously restricting credit in an unprecedented period of high unemployment and credit shock. The FTPLS condemns Rep. Hintz’s self-aggrandizing, short-sighted, and anti-business legislation.”
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