NH: State Democrats pass law to put hundreds out of work

Sponsor: http://www.tysoncrosbie.com/tysoncrosbie.com/commercial.html - Of course, the law in question does not go into effect until after the election....

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[RidleyReport]

Maymet I posted earlier a welcome to you but it didn't appear...so I will say again it's good to have you here and I hope you'll stick around to make your opposing voice be heard.

[Maymet]

Would you really want Benson back?

[RidleyReport]

Yes. BTW the economic problems are a result of a simple thing: The national government creating and spending too much money.  Don't try and sloff all of it off on companies, willing pawns though they may have been.

[Bound4NH]

Scenario: you have a shutoff notice that's due Monday. You don't get paid until Friday. Since you can no longer get a payday loan, you rely on your bank's overdraft protection and are charged a $32 overdraft fee for that $100, 5 day loan.

This bill doesn't protect the working poor, it protects the TRUE predatory lenders who have just gotten the general court to outlaw their competition.

[giggan1]

What the legislators are saying is that they'd prefer an illegal loan sharking market to a civil one. I can't fathom how they believe the dellusion that people will stop needing money because the loans are illegal.

[askifICare]

Great. Sounds like a perfect business opportunity for you. You can double your money on a regular basis and quit your job and out compete these guys. Looking forward to seeing your storefront.

[Sideshowbobx]

well as odd as it might sound - but if you stay within our means you don't have to brow money from them - and if you have get some cash in a hurry as family and friends first before heading their. sure, economy isn't looking too bright right now but if you know that you won't be able to pay it back you should take a credit in the first.

[Maymet]

They may not break your leg (maybe), but they will take 10X's what you were loaned. Some how I find 2X's plenty.

[Maymet]

I agree with the Democrats on this. People are hurt by these loans and are totally unfair. Yes, I agree that we should pay taxes to protect our citizens from unfair and criminal practices. There are a lot of shysters and white collar criminals out there. Look at the mess the mortgage companies have made of this country lately. All because no one wanted to regulate the criminals. If someone steels from you,mislead or lie to people about loans-they are a criminal.

[ronhelwig]

You are correct that the bargaining positions of the parties is not level. Of course the bargaining positions in EVERY negotiation is NEVER level. It is a metaphysical impossibility.

The borrowers have almost all the power in this case. The lenders would go out of business if they didn't have any customers.

[dewbie42]

So what will happen is these payday loan companies will stop doing loans and the people who use them will have to wait to get money they need now or go to illegal sources to get the loans.

[bbburton]

It appears that you make good on your promise to repay, and haven't fallen into the morass of problems that befall those who do default. And that is what I was directing my comment to. Predatory lending is when the terms of the contract favor one party overt he other to the extent that there is unjust enrichment. Yes, you must repay the loan, but no, you don't deserve to be fleeced. If you don't agree with this view, fine. I hope you never get into this predicament.