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Daddy Warbucks

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Daddy Warbucks
Bye, Bye, payday lenders – Don’t Come Back
It looks, finally, like the State of Arkansas, is getting rid of the predatory payday lenders.You know, all those storefront operations offering to loan you a couple of hundred against your next paycheck. The all to friendly, smiling lenders with loans that often have hidden interest and fess and give a hand up those hard up already, to help them on their road to bankruptcy. Hopefully soon those places will just be vacant storefronts.
A coalition opposing payday lenders announced recently that another 65 of the lenders have stopped making loans, bringing the total number in the state to 33 in October from a high of 237 back in March. That’s an 86 percent decline. Good. Good for business and better for the poor people who went to those outlets thinking they could get a helpful payday advance in a cash crunch. Helpful it wasn’t. All they got was high interest, high fees and further in debt.
Later this month the Arkansas Supreme Court hears oral arguments in a case that will likely determine the constitutionality of the check-cashiers act, the 1999 law designed to provide payday lenders legal cover to operate in the state. Let’s all hope the Arkansas Supreme Court rules heavily against these lenders. We have had less than adequate protection against these firms in the past from some former elected state politicians. Let’s hope the courts rule firmly on this matter. Kudos to Attorney General Dustin McDaniel who back in March, ordered all 156 payday lenders licensed and regulated by the Arkansas State Board of Collection Agencies to stop making loans. Following McDaniel’s order, 101 of the 156 stopped making loans.

BIG QUESTION: What percentage of men whose wives do not work outside the home, really wish they did? Answer at the end of this column.

MONKEY WINE
The 2006 Willmon Vineyards’ “Quatro” Meritage is now available and despite the New Mexico grapes, the bottle has a Fayetteville flavor. One of artist Donald Roller Wilson’s signature babes, Cookie, is on the label. If ya want some, email scott@winesofnewmexico.com.

HURRICANE HURTS
Wal-Mart says hurricanes hurt its September numbers, causing same-store sales to miss analyst expectations. Wal-Mart said hurricanes caused 341 stores to temporarily close with sales rising only rose 2.4 percent.

DILLARD’S DOWN
Dillard’s said that September same-store sales tumbled 12 percent as hurricanes Gustav and Ike disrupted operations at several of its stores. .

AWA CLOSES
Athletic World Advertising is now closed and lawsuits have been filed to collect outstanding debits. The once successful AWA provided posters, magnets and schedules to high school and college athletic departments across the country and employed about 125 people..

FOUR TO HALL
A quartet of Arkansas business giants will be inducted into the Arkansas Business Hall of Fame in 2009. Jim Earl Yates of Nashville, founder of the E-Z Mart chain; Chelsey Pruet of El Dorado, founder of Pruet Drilling Co.; Raymond Rebsamen of Little Rock, founder of Rebsamen Insurance; and Willis Shaw of Elm Springs, founder of trucking company Willis Shaw Express, will all be honored. Although the Hall of Fame banquet will be in Little Rock, it’s actually headquartered in the Sam M. Walton College of Business on the UA-Fayetteville campus.

HOW LOW
Once the barometer of the stock market — General Motors and Ford Motor Company, hit their lowest levels in almost 60 years recently. Oh, my.

BIG ANSWER: Some 40 percent of men whose wives don’t work outside the home, wished they did.

2 Comments

rightwingconspirator October 23, 2008 at 10:31 pm

Hidden fees? When I used their service the fees were plastered on the wall and on the contract I signed. Did our wonderful Atty General think about those who worked at these places and their consequences. They are good people and the product is a good product IF USED PROPERLY!

I used the service only in times of need and paid it back right away. My bank doesn’t offer me the chance to get a couple of hundred bucks in 5 minutes time.

I think our economy is in for some major issues if a consumer’s right to choose who they do business with is taken away. I don’t want to have to rely on some internet service that could be out of the country making money off me!

Reply to this comment
aran October 29, 2008 at 9:08 am

To rwc: Do they also tell you that you are paying 200% interest in some cases. Cyanide can be a “good” product if used properly, heroin can be used for “good” if used properly, and the list goes on. How many people use payday stores properly and responsibly. They pray on poor people who have no other choice, and charge over the top fees and interest rates. Even someone like yourself, who uses these services properly, is still paying over 50% interest, and I’m guessing over 100% interest when calaulated as APR, and no matter how aware you say you are, that’s a bad deal.

This does highlight a bigger problem. The fact that the banking industry has not responded with a reputable product, so that people like yourself don’t have to get ripped off, is a joke.

From time to time our government steps in so stupid people don’t do stupid things, like take bad loans(although usually a day late), and other things like do Meth or drive on the wrong side of the road. See, I like driving like a crazy Brit, on the left side of the road, but because it is unsafe for myself, along with many others, the government has decided to take away my right to choose what side of the street I drive on, shocking yes, but it makes sense in the big picture of things. I think you can probablt extrapolate that same logic in your case.

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