Yes on 5 Committee Airs Truthful Ad
During the course of this campaign season, Ohio newspapers have collaborated to rate the advertisements of the state's issue campaigns. The payday lobby, Ohioans for Financial Freedom, has averaged a score of 2 out of 10 (1 being not accurate or truthful and 10 being accurate and truthful) on their TV ads so far. The Vote Yes on 5 Committee, on the other hand, received a 9 out of 10 on the truthfulness scale from the Cleveland Plain Dealer this week.
View the ad here: http://www.youtube.com/watch?v=dtStucEk6zo
Here is the Plain Dealer analysis:
"Finally! A straightforward ad that says state Issue 5 is really about charging 391 percent interest on payday loans. After a blitz of deceptive ads from payday loan outfits, Issue 5 backers have bought airtime to tell a big load of truth."
"A recent change in Ohio law is meant to prohibit payday loan companies from charging fees as high as 391 percent on short term loans. The new law caps interest at 28 percent."
"Opponents of the new law got the matter placed on the state ballot and got ballot language worded in such a way that you have to vote "yes" to uphold new restrictions. That's why the word "yes" is heard four times in the narrative and seen four more times in the graphics."
You can read the Cleveland Plain Dealer's analysis here:
http://blog.cleveland.com/openers/2008/10/yes_on_5_eye_on_ohio.html
The payday lenders are running a deceptive campaign because they can't win on the merits of their defective product. Of the payday lenders' 5 ads thus far, only the first has mentioned "payday lending" at all. The voters need to know the facts on November 4th. A ‘Yes' vote will caps interest rates at 28% APR, down from 391% APR and end the debt trap for hundreds of thousands of Ohioans! Vote yes on issue 5!
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