60% of Central Ohio Executives to Vote Yes on 5
According to a Columbus Business First survey of Central Ohio business executives, "more than 60 percent said they oppose the payday lenders' Issue 5 bid to repeal a portion of a new state law that caps payday loans at 28 percent annual interest." Central Ohio's executives are not buying the "jobs" argument from the payday lending industry and realize that their businesses are hurt when consumers lose purchasing power through the payday lending debt trap!
Comments by Catherine Turcer of Ohio Citizen Action, suggest there may be a reason that payday lenders' advertisements about issue 5 don't mention payday lending: "The mess in the financial services industry comes at a bad time for payday lenders...Voters aren't likely to look favorably at any financial institution when they're angry about the government bailing out the banking industry.
Also in the story, Representative Jim McGregor of Gahanna says that he hasn't heard any voters voicing their support for payday lenders.
You can read the rest of the Columbus Business First story here:
http://columbus.bizjournals.com/columbus/stories/2008/10/13/story1.html?b=1223870400^1714574
Given the lack of support for payday lending, even among business executives in Central Ohio, we can expect more deceptive advertisements from the industry.
Don't fall for their misleading ads and deceptive campaign tactics! Vote yes on issue 5!
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