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Payday Loan Industry News
27 April 2008
Payday Loan Control - Early this month, the provincial government tabled legislation to curb abusive payday lending practices. The way it works is payday loan operators lend cash to people who in turn pay a fee and interest on whatever amount they take.
Read More Payday Loan Control

25 April 2008
Payday Lending Limits - A bill that would have placed reasonable limits on payday lending to protect some of South Carolina's most vulnerable residents is at risk of being significantly weakened by changes suggested by a House subcommittee.
Read More Payday Lending Limits

21 April 2008
Virginia Town to Fund Payday Loan Education - Alexandria City Council member, Justin Wilson, has proposed a new tax on payday lenders. This money would help fund consumer education services provided by the city.
Read More Payday Loan Education

19 April 2008
Gubernatorial Candidate Pushes For Payday Loan Restrictions - Missouri gubernatorial candidate Jay Nixon, continues his push for proposed payday loan restrictions..
Read More Gubernatorial Candidate Pushes For Payday Loan Restrictions

18 April 2008
Money Mart Ok with Manitoba Interest Rates - Manitoba Public Utilities Board has set a maxixmum cost for payday loans up to $500 at 17 Percent. Also providing lower rates for those on social assistance or employment insurance.
Read More Money Mart Ok with Manitoba Interest Rates

16 April 2008
Rate Cap Could Kill Payday Loan Industry - A California payday loan bill capping interest rates at 36 percent was gutted Tuesday by the state's Banking and Finance Committee..
Read More Rate Cap Could Kill Payday Loan Industry

15 April 2008
Some Ohio Payday Lenders Overcharging - Lansing - OFSI Commissioner, Ken Ross has ordered Payday Loan lenders in the state to stop overcharging for bounced checks. Some of the state's deferred presentment licensees are charging more than the $25 cap mandated by the Deferred Presentment Service Transactions Act.

14 April 2008
VA. Gov. Announces Payday Loan Amendment - Gov. Timothy M. Kaine announced Monday, an amendment tightening payday loan lender regulations. The regulations extending the length of payday loans were received a coll reception from both the payday loan industry and its critics.
Read More VA. Gov. Announces Payday Loan Amendment

11 April 2008
South Carolina Eases Payday Lending Limits - On Thursday, South Carolina Eases Payday Lending Limits. The House subcommittee voted to strip away loan limits and increased the amount payday loan lenders can borrow. Even though neighboring states Georgia and North Carolina have virtually stopped payday loan activity in their state, the South Carolina still believes the marketplace should prevail.
Read More South Carolina Eases Payday Lending Limits

Financial Strategies and Tips

Financial Strategies Blog

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Strategic tips for fixing Your Financial Emergency.

Using this strategy for 30 or 60 days will create new habits that will save you a lot of money over time.

1) Plug your big money drains.
Sometimes this requires you to get rid of an activity that you really love. Do you camp or fish? Maybe it is time for you to sell your camper or boat. This may not be very easy to swallow. But you must get rid of the big money drains intil you get your finances in order.

2) Go on a strict money diet.
Just like businesses that are in financial trouble, you must also stop the spending before it is too late. Your daily worksheet is a great tool to use. Your finances have gotten out of control and need to be brought back into reality.

  • Stop going out for lunch and start brown bagging it.
  • Invite friends over for an evening in.
  • Rent videos instead of going to the movies.
  • Buy clothing from second hand store. You'll be surprised at the quality goods you can purchase.
  • Adjusting you termostat a few degrees can really add up.
  • Buy generic goods.

    3) Try to seek new deals with Creditors.
    Ask your creditors for payment deferments or a better interest rate. Let them know you are having cash flow problems and let them know you need to work new arrangements t keep you ou of bankruptcy. It may seem like a daunting task, but it will be well worth the effort. Remember to keep all promises you make with your creditors and do not commit to anything more than you can handle.

    4) Loan Consolidation
    Depending on your credit situation, you may be able to consolidate your existing debt. Use the loan to get rid of your high interest debt first. If possible, consolidate all your loans into one. It is much easier to "remember" to pay one bill than five. If you do consolidate, DO NOT use your credit cards or use cash advance loans!! This will only start the cycle of debt all over again and make it even harder for you.

    5) "Find" cash wherever you can.
    You'll be surprised how much you can find around the house. Do you have clothing, collectables, ot junk around the house? Ebay is a great source for finding cash in the many item around your home. You may also have "cash value" built up in a life insurance policy. You can convert this policy into term and collect the cash.

    6) Reduce Housing Costs
    There are many ways home owners can reduce costs. Check your property taxes, The tax assessment on your home may not be acurate. If you feel yours is high, you can complain and get a possible adjustment. If your credit allows, refiance your loan if the interest rate is lower. Renters, as well as, homeowners may be able to save on their insurance coverage. Increasing your deductable can save you money.

    7) Reduce Restaurant Meals
    The average American spends almost 40% of their food budget in restaurants. Since a meal at a restaurant can cost 3 to 4 more than home cooked meal, you could easily save $100 per month.

    8) Quit Smoking
    Smoking a pack a day can cost you $1200 per year or more. Depending on the state you live in. In addition to the money you'll save, you'll feel and smell better and live longer. Non smokers also pay much lower premiums for life and health insurance.

    9) Evaluate where you shop.
    Where you shop is just as important as what you buy. Eliminate all foods purchases at convienence stores. Lazy shopping costs really add up. If possible, Buy your staples in bulk and when they are on sale.

    10) Increase your take home pay without getting a raise.
    Take a lot at last year's tax return. If your return was $1200 last year. You could have taken home $100 more per month. You could have use this money to pay down your debt. Eliminating interest paid on card cards. Or you could have invested this money and earned a return on this money. Ask your employer for a w-4 form.

    Use the following -- http://www.irs.gov/individuals/page/0,,id=14806,00.html -- link to help you determine the proper amount of deductions you need to claim.

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