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September 13, 2006

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Payday Loan Advocate

House Bill 545 has taken comfort in the mind of Ohio’s governor, Ted Strickland. He is on the move to convince people in his state to vote in favor of the bill. Ignoring the voice of the people earlier this year, this bill will put a cap on the annual interest rates that no fax payday loan companies can charge to 36 percent. Now let’s review this situation in a bigger picture. This would mean the payday loan industry will make virtually no money at all, which will eventually drive the whole industry out of the state. No company can survive under these conditions. To make matters worse, presidential candidate, Barack Obama, has vowed to impose Strickland’s interest rate cap nationally. This will mean that people will have fewer options making ends meet in tough times. If this bill should be passed, what then do they offer the people in return when life throws one of its little surprises? Before casting your vote, think about the dreadful consequences.
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