Time for Change
IL: 2009 Presidential Inauguration
Election Day is behind us, and America will soon see changes in policy regarding foreign policy, payday loans, and taxation. The U.S. has chosen “change” by electing Barack Hussein Obama as its 44th president. There is no doubt that change is in store for the United States. Whether the United States changes for the better or for the worse is yet to be seen. Time will tell, and Obama will try to make good on his promises when he is inaugurated on January 20, 2009.
I Promise…
It is obvious that Americans believe Obama will bring a positive change to our country—he would not have been elected otherwise. Throughout his campaign, Obama won the hearts of Americans by offering us a fresh start and policies that differ greatly from the previous administration. Obama promised the U.S. a lot of changes, including his guarantees to lower taxes for the middle class, to put a timeline on the war in Iraq, and to trim the federal budget “line by line.”
Celebration in the Streets
When Obama was announced president the night of November 4th, the nation broke out into a unified celebration. Across the country, Obama supporters were crying tears of joy, singing songs of praise, and dancing in the streets, all in the name of victory. Some people think this is the first time in a long time that America can be excited for its political future. And what’s not to be excited about? Pro-Obama voters can’t wait to be out from under the “oppression” of the Bush administration; eight years of tyranny is almost over. They only have to wait until January 20th.
A Reason Not to Celebrate
Many Americans have been completely dissatisfied with Bush’s presidential performance, so it’s easy to understand all of the celebration brought on by the announcement of Obama’s victory. Americans are satisfied with who they elected president, for now.
However, what many Obama supporters don’t realize is that along with all the proposed changes, Obama has also supported the elimination of the payday loan industry. The valiant Obama believes that doing away with the payday loan industry will protect low-income, and often minority, families from being victimized by predatory lenders. It’s true that all Americans need protection from predatory lenders, but getting rid of payday loans is a violation of our financial freedom. Eliminating such a vital industry will make life even harder for low-income families.
Maybe Obama will give America what it needs, but taking away payday loans and our financial freedom isn’t a great start to creating the positive change we voted for.
It appears the payday loan business fills a need but is open to huge abuse in the form of gouging fees.
And the people that mostly depend on such a service are the very ones least able to afford such fees.
A number of countries have adopted a more streamlined system of handling this payday loan issue as opposed outright bans.
Many people do rely on this service but reading between the lines I think Mr. Obama may be targeting those illegal ones or those that operate like loan sharks with impossibly high fees targeting those people with shady or less than reliable backgrounds, without proper paperwork - you know, those illegal labourers and such - they are still human beings, many of them very decent and hardworking.
If you have no credit history(or bad credit),and you’re not a student. Then it would be hard to get any unsecured credit products from most banks and credit unions. These banks and credit unions won’t even trust you with an unsecured low credit line or small loan amount without you putting your own money in a security deposit, or paying huge upfront fees or, charging sky high interest rates such as an APR of 99% which CashCall does.
Good news for those with no credit history(not bad credit history), regardless if you’re a student or not. Capital One would give you an unsecured card with a $300 starting credit limit without having you to secure your own money in a collateral account, or charging you a huge annual fee or several upfront fees like First Premier Bank does, or charging you very high interest rates like CashCall. Although you may pay a low annual fee and even no annual fee at all, but Capital One’s no/short credit histry cards don’t charge you like other subprime credit card issuers.
My sister and I both have cap1 cards with no annual fees. When Capital One approved us for it’s cards with $300 starting limits, we had no credit history whatsover. Furthermore; if have had cleaned up your bad credit and learned your lesson, then you would qualify for the same Cap1 cards like those with no credit; but if you currently have bad credit histoy, then Capital One is gonna turned you down like all banks and credit unions, so Capital One may be the most leniet Creditor or lender out there, but like all creditors Cap1 is conservative, and Cap1 does check consumers credit files like all other banks and credit unions.
Payday Loans have sent me and my family into a financial tail spin. It has been a long road down and once hooked on that “service” becomes very hard to change course and get away from. My wife and I have a total of 10 payday loans. At $45 each due twice a month it costs us $900 a month to service these loan sharks and makes it difficult to pay them off and get away from them. We have been trying to get out from under this mess for the last two years with no progress. If Obama does nothing else for this country other than putting payday loans out of bussiness then his presidency will have been a resounding success. Ending payday loans should be a top priority.
Payday loans didn’t do that to you. Get real! How are you going to get 10 payday loans? What did you use the money for? If your circumstances were that bad then you should have applied for emergency assistance from your city or state.
You seem to be thinking like many people these days. They blame those who help them out. I bet you don’t like to pay family or friends back when its time either. I have a hard time believing anyone when they act like it is the fault of someone else when they get into debt. Be responsible for your own actions and choices.
Very well said Lawrence, it’s true people need money when they want it but when it comes to return they show some negative inputs, hope they will understand what is payday loans and for what purpose they are meant for
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Jerry, your family and you should learn or care about saving some of your biweekly or monthly income. You can put 10%, 15%, 20%, or 25% of your net income into a savings account, a piggybank, or a small safe. The more you save, the less likely you’re gonna take out payday loans or use credit cards. You start saving some of your income by finding cheaper ways of eating, and transportation transporationI have been down that route of not budgeting or saving my money, so I am no better than you. If you’re have credit or financial problems, don’t turn to payday loans or a group of credit cards called “subprime credit cards”.They’ll only make your credit worse.
This is optional, you have to apply if you want to. First, check your credit reports for accuracy, and then try to apply for Capital one credit card; it best credit card if you have no credit or had credit problems.
For the majority of Payday loan users, the service acts as a short term bridge for quick funds they couldn’t find otherwise. Certainly there will be those who abuse the service, get too far in debt, and then want their own personal bailout. But for many, eliminating Payday lending will simply take away their only source of short term money.
ONE OF THE REASONS GIVEN HERE FOR OBAMA WINNING THE ELECTION WAS HE RAN ON CHANGE. WRONG THE ONLY REASON HE WON WAS BASED INTIRERLY ON HIS PROMISE TO REDISTRIBUTE WEALTH, AND THE 95% OF THOSE WHO WOULD BENEFIT FROM THIS BECAME BLINDED BY GREED. GREED INDEED. AND THE PROBLEM WITH WALL STREET WAS NOT CREATED BY PEOPLE BEING GREEDY IT WAS THAT THOSE IN WASHINGTON LIKE BARNEY FRANKS AND HARRY REED THOUGHT THESE WALL STREETERS COULD GO UNCHECKED. WELL THE PROBLEM WITH THEM IS THEY ARE LIKE THE PRESIDENT ELECT ABSOLUTLY NOT ENOUGH EXPERIANCE FOR THE JOB THEY HAD. AS TIME GOES ON WE WILL SEE THAT OBAMAS LACK OF EXSPERIANCE FOR THE JOB WE HAVE GIVEN HIM WAS A HORRIBLE CHOICE. BECAUSE AFTER ALL HE IS FROM CHICAGO AND THE ONLY MIRACLE HE HAS EVER WORKED IS THE ONE THAT PUT HIM IN THE WHITE HOUSE, OR WAS THAT REALLY THE GREATEST CON JOB IN AMERICAN POLITICAL HISTORY
To Jerry, I think that you need to work on your finances,because if you needed 10 loans. Come on man!! It’s nobodies fault but yours.