we the people v.s. blood-sucking payday parasites… it’s on now!
by problembear
this is the only thing i could find about the rally tomorrow Sept 1 at noon on the courthouse steps to kick off the campaign to vote for lowering the cap on payday lenders. Mayor John Engen and Sen Carol WIlliams will be there. i plan to as well. let’s get cracking on this (finally change a bear can believe in)
http://missoulanews.bigskypress.com/missoula/cap-the-rate-campaign-kick-off-rally/Event?oid=1293075
thank god for citizen’s initiatives. it’s practically the only reason i vote anymore. it is good to know that we the people can do something to alleviate the shameful way our state allows predatory lenders to charge the working poor 625% interest on payday loans and 300% interest on vehicle title loans.
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Pingback on Aug 31st, 2010 at 7:02 pm
[...] This post was mentioned on Twitter by jhwygirl and Hasalyn Harris, problembear. problembear said: we the people of montana vs blood-sucking payday parasites http://bit.ly/dbfkRM [...]
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August 31, 2010 at 5:32 pm
Thanks PB. This is the full advisory. Hope to see interested folks:
Supporters of Cap the Rate Initiative launch campaign in Missoula
After collecting more than 27,000 voter signatures to put I-164 on the election ballot, proponents are kicking off their fall campaign to make sure the measure passes in November.
I-164 will cap the interest rates charged on payday and car title loans.
Supporters will gather at noon, Wednesday Sept. 1, on the Missoula Courthouse lawn to hear short speeches from Mayor John Engen and Sen. Carol Williams and representatives from Montana Women Vote, homeWORD and Rural Dynamics.
Proponents will discuss how these loans hurt Missoula and Montana residents and why I-164 will help.
Under current Montana law, lenders who prey on Montana’s working families and seniors can charge 650% annual interest on two-week payday loans and 300% interest on four-week car title loans. The average annual interest on a payday loan is 400%.
These outrageous interest rates place borrowers in an ever-deepening debt trap and hurt Montana’s economy.
Voting FOR I-164 will cap the maximum interest rate on these loans at 36%, the same cap that’s already been instituted by Congress to protect military families.
The Cap the Rate campaign is supported by AARP Montana, homeWORD, Montana Women Vote, Montana Human Rights Network, Montana Catholic Conference, Montana State AFL-CIO, Montana Women’s Lobby, MontPIRG, Montana Community Foundation, NeighborWorks, Rural Dynamics, SEIU 775 NW and the Women’s Foundation of Montana.
August 31, 2010 at 7:09 pm
thanks john. now if any of you are worried about all those few dozen rich guys who own payday lending places losing their income after i-164 passes, i found an industry that might interest them ….
http://news.discovery.com/animals/millions-of-songbirds-illegally-killed-for-pickled-poached-bird-recipe.html
September 1, 2010 at 10:18 am
this is a fine how do you do …. a letter from cleveland tennessee to the billings gazette about how awful it would be to lower the interest rate to 36% for these blood-sucking parasites here in montana….
http://billingsgazette.com/news/opinion/mailbag/article_ced4a75e-b317-11df-bb8b-001cc4c002e0.html
sounds like a good argument doesn’t it? except studies have shown that over 80% of their customers return again and again once they are trapped in these loan cycles that the working poor cannot pay off. return business by montana’s working poor paying interest rates of 650% is bad for montana. it takes what little money our working poor have for necessities and lines the pockets of mostly out of state payday lenders.
hmmmm…. now why would someone write a letter supporting payday lenders here in montana all the way from tennessee? a simple google search found this interesting piece of evidence….
http://tpmmuckraker.talkingpointsmemo.com/2010/03/high-living_pay-day_lender_ceo_tied_bid_to_weaken.php
how much you want to bet that allen’s money is paying some slime devil to write that letter for him?