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Ted Strickland, the Governor of Ohio, is in the process of trying to convince people in his state to vote in favor of House Bill 545. Enacted unethically, without the voice of the people earlier this year, support of the bill would put a cap on the annual interest rates that no fax payday loan companies can charge to 36 percent. This would mean that for every $100 that a lender issues to a customer, they can only make a measly dollar and change. Considering that no business can survive by making just over a dollar per transaction, House Bill 545 would drive this entire industry out of the state. What’s worse, is that democratic presidential candidate Barack Obama now is trying to do Strickland one better, as per his campaign promises. Should he win the White House, Obama has gone on record stating that he wishes to impose Strickland’s interest rate cap nationally. What this will definitely mean is that people will be much more hard-pressed to make ends meet in tough times. Therefore, if their job pays them a lot less than they’re used to, or life throws them one of its little surprises, hitting rock bottom is almost inevitable. Such measures illustrate the importance of voting and having your voice heard.
Post Courtesy of Personal Money Store
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