Payday lenders are facing increased scrutiny from the new US agency with authority to change the rules over their short-term loans, which are often notorious for fees that can equate to a 400 percent APR.

As the new authority looms, the payday loan industry is on course to donate more than ever to federal candidates this election cycle, according to the consumer watchdog group, Citizens for Responsibility and Ethics in Washington (CREW).

Payday lenders’ political action committees (PACs), trade associations, and employees have contributed at least $1.32 million so far, according to campaign contributions tracked by Political Moneyline.

That is already almost equal to the $1.5 million payday lenders contributed over the course of the entire 2010 election cycle, CREW said.

The Consumer Financial Protection Bureau (CFPB) has the authority to review rules pertaining to nonbank lenders, including those that issue payday loans.

The CFPB was mandated by the 2010 Dodd-Frank financial reform legislation. It now has authority over rules governing the most common financial products to prevent abusive or deceptive lending practices.

The agency is seeking public input on payday loans from consumers.

CREW said that filings by Restore Our Future, a super PAC that has spent millions of dollars supporting Republican presidential candidate Mitt Romney, show at least $162,500 in contributions from payday lenders and their parent companies.

“We’re sure it’s a coincidence that Mr. Romney has promised to repeal the legislation creating the CFPB,” CREW said in its blog post.

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More evidence has emerged that Britons are weaning themselves off the debt habit.

The latest Bank of England Trends in Lending figures have been produced, with the data for lending to individuals indicating a subdued picture, with net flows lower in the three months to February than in the previous quarterly period.

It added that overall lending levels are still low compared with the period prior to the financial crisis.

One particular feature of this was the trend for credit card debt levels to remain almost unchanged, with net flows running at close to zero. Moreover, the survey of lenders found a broad expectation that this situation is set to continue for some time at least.

It said: In recent discussions, the major UK lenders noted that consumers were continuing to pay down personal debt. Looking ahead, some lenders expected net credit card lending flows to be subdued in the coming months.

This situation would add further weight to suggestions that consumers have decided to focus increasingly on getting their own debt under control. In a sense this is echoing the governments own attitude of austerity, with the similar rationale being that paying off the debt today and living within ones means to do so many not be easy, but it will ensure a much brighter future in the longer run.

Indeed, it may even echo the hastily-rewritten text of the prime ministers Conservative Party Conference speech last autumn, when he started by declaring people should be paying off their card bills and then changed it to say that people are doing this the second being a statement that the latest evidence shows has indeed been the case for many people.

Data published earlier this week showing a greater public focus on debt consolidation came from the latest Lloyds TSB Spending Power Report, which indicated the last year saw a 1.3 per cent rise in debt repayments.

Credit Actions figures have also shown unsecured debt levels to be falling, albeit by only pound;3 per household in February 2012.

By Joe White

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JEFFERSON CITY, Mo., April 19, 2012 /PRNewswire via COMTEX/ –
Attorney General Challenges Court’s Decision to Vacate “Payday Loan Initiative”

Stand Up Missouri continues to rally its supporters and build consensus, despite the Missouri attorney general’s decision to appeal the decision by the Circuit Court of Cole County to vacate Initiative Petition 2012-66 (the so-called “Payday Loan Initiative”). Judge Daniel R. Green found that the ballot title is likely to mislead voters about the real impact of the initiative petition because, among other defects, it failed to accurately assess its economic impact on Missouri by disregarding its detrimental effect on traditional installment lenders and other safe and affordable credit options.

The petition’s fiscal impact analysis failed to assess the petition’s negative impact on traditional installment lenders. Judge Green wrote that the Auditor’s fiscal note acknowledged that traditional installment loans “will be negatively impacted and many will close down. Yet the Auditor did not perform a fiscal analysis of this undisputed impact.”

Missourians have relied on traditional installment loans as a safe and affordable option for personal and household credit for over 50 years. These loans afford Missourians the ability to build financial security and to help individuals and families stave off financial distress when the need for credit arises. They represent a particularly important credit option during times of economic uncertainty as other credit sources have become significantly limited.

“I work in the automotive industry, and things were pretty good for me until the economy went bad and I had to get a second job to take care of the family,” recalled consumer Victor Tyson, of Columbia, MO. “I also got a loan to help out, to help keep us where we needed to be in life. The loan company really helped me understand how to budget my money and get my life straight. The traditional installment loan companies are good for us. They help out in a positive way.”

“They explained everything to us, went over our budget in detail, and the terms were very affordable,” said Sara Schwartz, of Boonville, MO. Sara took out a traditional installment loan when her husband became ill and the family needed emergency funds. “Being parents, it’s really nice to know that I have a place to go to get money when and if it’s needed.”

Stand Up Missouri will continue to educate Missourians about the importance of financial freedom and the benefits of traditional small-dollar installment loans and it will continue to address misinformation disseminated by special interest groups, and to protect access to safe and affordable credit in Missouri.

For more information on Stand Up Missouri, please visit
www.standupmissouri.org .

About Stand Up MissouriStand Up Missouri is a nonpartisan coalition dedicated to protecting access to safe and affordable traditional installment loans in Missouri. Stand Up Missouri does not represent payday lending or payday interests.

SOURCE Stand Up Missouri

Copyright (C) 2012 PR Newswire. All rights reserved

Financial Glossary

Words used in this article:

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A protest to “embarrass” money shops is expected to go ahead in Wood Green tomorrow.

The Haringey, Islington and City Credit Union is sick of seeing the high interest rates on offer at money shops and has called on its members to take action.

Members of the not for profit credit union believe it is time for the Government to act by capping the interest money shops can charge on loans.

The action is particularly targeting payday loans, which are sums handed out to working people in need of money before their next pay cheque.

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Consolidating your debts simply means bringing several existing debts together, with the intention of
making your finances easier to manage on a monthly basis.

If youre comfortably making your payments to all your outstanding debts every month, but you want to make the way you repay them a bit more
straightforward, taking out a debt consolidation loan could be your ideal
approach.

Lets take a look at exactly how debt consolidation loans work – and how one could simplify the way you repay your debts.

What is a debt consolidation loan?

A debt consolidation loan is a new loan that you could take out, large enough to cover your existing debts.

Different lenders will offer different interest rates on consolidation loans, so its important to compare loans and get the best possible rate before
you make a final decision. There should also be some flexibility when it comes to how quickly you arrange to repay the loan (more on which below).

We could answer any more questions you have about debt consolidation loans here.

How does a debt consolidation loan work?

By taking out a debt consolidation loan, youll essentially combine several debts into one. As a result, rather than making several repayments per
month to different lenders, youll have just a single monthly payment to make every month – to just one lender.

If youve found that keeping on top of several debts has been harder work than youd thought it would be, consolidating your debts with a loan could
provide a simpler way of dealing with your debts – and make it less likely youll miss any payments (which could damage your credit rating and lead to
financial problems).

How could a debt consolidation loan reduce my outgoings?

Another advantage of taking out a debt consolidation loan is that theres no defined repayment period for all loans: theres quite a bit of flexibility
in terms of how quickly you agree to repay the loan.

If you want to clear the loan faster, and youre confident that youre in a financial position to do so, you can make larger monthly payments towards
the loan.

On the other hand, in the current climate, many of us are doing everything we can to rein in our spending and stick to tight budgets. If youre in this
position, repaying the loan over a longer time period could help you to reduce your monthly outgoings, as each payment youll make towards the loan
will be smaller.

Although making smaller payments could cost you more overall due to the interest that will build up, you may feel that this is a price worth paying if
it helps you free up some money in your monthly budget for other costs.

You can find out how much your monthly payments towards a debt consolidation loan could be with our easy-to-use debt consolidation calculator.

Debt consolidation loans: things to consider

Here are a few final things to think about before agreeing to take out a debt consolidation loan:

• If you secure the loan against your home, failing to keep up with your repayments could lead to your home being repossessed.
• Consolidating your debts with a loan will free up credit/store cards, overdrafts and other forms of credit – and if you borrow any further money,
  youll have these new payments to make as well as your loan repayments.

We can let you know if a debt consolidation loan could be right for you: just fill in our quick form.

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Top Articles to Help You Lead A Debt-Free Life

• Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
• Debt Relief: Debt relief is defined as a partial or total forgiveness of debt. When the term is used by the government, it usually refers to the forgiveness of debt to underdeveloped countries. Recently, it has begun to refer to the millions of consumers who are overwhelmed with debt seeking financial relief from their unsecured debt.
• Credit Card Debt: Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
• Debt Settlement: Debt settlement programs use a third party to negotiate lower balances and interest rates on unsecured debt. This type of debt management plan helps provide consumers an alternative to bankruptcy while reducing your outstanding debt.
• Credit Counseling: There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their debt burden, could certainly benefit from the assistance of a consumer credit counseling service.
• How Do I Get Out of Debt?: Now that the national economy is beginning to recover and people are having a better time dealing with their personal finances, many consumers who found themselves sunk deep in debt over the last few years may be asking themselves the question, “How do I get out of debt?” Fortunately, there are a number of avenues consumers can take to get out of debt, each with benefits and drawbacks depending on how quickly people need to fix their financial problems.
• 10 Tips to Avoid the Debt Trap: Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce and alcoholism?
• Credit Management: Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some discipline there are credit management strategies and solutions that will allow consumers to reduce or even eliminate their debt.
• Credit Card Debt Reduction: In recent months, many Americans have made a greater effort to seek credit card debt reduction and reduce the balances they owe, but some may not know where to start. Fortunately, there are several options available for consumers thathave a financial goal to achieve credit card debt reduction.
• Credit problems: Paying down high levels of debt is one of the best ways to improve credit problems and increase one’s credit standing. But many people cannot do that so quickly, especially in this economy. About one-third of a credit score is based off of a credit utilization ratio, which is the total creditbalances divided by the total credit limits. A great target is to use no more than 30% of one’s available credit.

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Top Articles to Help You Lead A Debt-Free Life

• Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
• Debt Relief: Debt relief is defined as a partial or total forgiveness of debt. When the term is used by the government, it usually refers to the forgiveness of debt to underdeveloped countries. Recently, it has begun to refer to the millions of consumers who are overwhelmed with debt seeking financial relief from their unsecured debt.
• Credit Card Debt: Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
• Debt Settlement: Debt settlement programs use a third party to negotiate lower balances and interest rates on unsecured debt. This type of debt management plan helps provide consumers an alternative to bankruptcy while reducing your outstanding debt.
• Credit Counseling: There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their debt burden, could certainly benefit from the assistance of a consumer credit counseling service.
• How Do I Get Out of Debt?: Now that the national economy is beginning to recover and people are having a better time dealing with their personal finances, many consumers who found themselves sunk deep in debt over the last few years may be asking themselves the question, “How do I get out of debt?” Fortunately, there are a number of avenues consumers can take to get out of debt, each with benefits and drawbacks depending on how quickly people need to fix their financial problems.
• 10 Tips to Avoid the Debt Trap: Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce and alcoholism?
• Credit Management: Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some discipline there are credit management strategies and solutions that will allow consumers to reduce or even eliminate their debt.
• Credit Card Debt Reduction: In recent months, many Americans have made a greater effort to seek credit card debt reduction and reduce the balances they owe, but some may not know where to start. Fortunately, there are several options available for consumers thathave a financial goal to achieve credit card debt reduction.
• Credit problems: Paying down high levels of debt is one of the best ways to improve credit problems and increase one’s credit standing. But many people cannot do that so quickly, especially in this economy. About one-third of a credit score is based off of a credit utilization ratio, which is the total creditbalances divided by the total credit limits. A great target is to use no more than 30% of one’s available credit.

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(PRLEAP.COM) Washington – The Community Financial Services Association of America (CFSA), the national trade association of reputable and regulated storefront payday lenders, today applauded the Federal Trade Commissions (FTC) success in stopping an illegal debt collection operation which tricked people into paying off phantom payday loans. The scam bilked consumers out of more than $5 million over two years.

CFSA members and federal and state officials all agree on the urgent need to protect consumers from scammers, said D. Lynn DeVault, Board Chair of CFSA. We applaud the recent federal enforcement actions against these unscrupulous lenders and debt collectors, who up to now have operated illegally and largely beyond the reach of regulators.

All members of the CFSA operate by a code of Best Practices, including the collection of past due accounts in a professional and lawful manner. CFSA members adhere to the Fair Debt Collection Practices Act and do not use threats, intimidation, or harassment to collect accounts. Consumers seeking short-term credit and the assurance of fair collections should look for lenders displaying the CFSA Member Seal in their store or on their website.

About the Community Financial Services Association of America
The Community Financial Services Association of America (CFSA) is the only national organization dedicated solely to promoting responsible regulation of the payday advance industry and consumer protections through CFSAs Best Practices. As such, we are committed to working with policymakers, consumer advocates, and CFSA member companies to ensure that the payday advance is a safe and viable credit option for consumers.

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USA Payday Forever Has Made New Changes To Their Personal Loan Services. These Changes Are In Accordance With Their Personal Finance Agreement

(PRWEB) April 24, 2012

Recently, USA Payday Forever announced that they have put the finishing touches on their brand new personal loan services. These services are being offered on the new version of their cash advance website. The new version of their personal loan services were first agreed upon in their personal finance company negotiations as a part of their agreement.

Originally, USA Payday Forever was a part of detailed negotiations between themselves and an unnamed personal finance company. They and this company decided together that they needed to make several different changes to their personal loan services. They havent yet released all of these changes at one time. These cash advance website changes have been released over time. One of these changes was a necessary upgrade to the personal loan services at the USA Payday Forever website.

Among other changes needed by the personal finance company are changes to their website copy for their various cash advance services. USA Payday Forever has been having their cash advance copywriters work on their payday loan web pages. They have not completely completed these web pages, but they have released information concerning releasing some of these pages.

These cash advance web pages are not only part of the plans needed by the unnamed personal finance company, but they are also a part of USA Payday Forever’s search engine optimization campaign. On top of that, USA Payday Forever has their search engine optimization team working with the website overhaul team to perfect the design of their cash advance website. Their hope is that customers will finally have a website that they can use to the best of their ability.

In the near future, USA Payday Forever is to announce new payday loan services for their cash advance website. The new payday loan services will be accompanied by new payday loan web page copy. The web page copy for their new payday loan web pages will be written by their longstanding copywriting team.

USA Payday Forever released a statement in regards to their new payday loan services. This statement said, “As a part of our agreement to the personal finance company, we have revamped our payday loan services. In addition to this, we will be putting up new copy for our website in regards to these services.”

About USA Payday Forever – USA Payday Forever is an online company that helps consumers to find and obtain personal finance services. For more information about USA Payday Forever, please visit their website at http://www.usapaydayforever.com

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/4/prweb9431116.htm

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(Source: Richard MetcalfAlbuquerque Journal, NM (MCT) —   Payday loans, widely viewed as a pariah in lending, have gone mainstream with even that most consumerfriendly of financial institutions, the nonprofit credit union, routinely offering a version of them in New Mexico.

The need for emergency credit, which is the essence of a shortterm, low-dollar payday loan, can be common among consumers living paycheck to paycheck. All it takes is a car breakdown or medical emergency.

“Maybe you would never dream of paying an annual percentage rate of 400 percent on a credit card or any other type of loan, but you might do it for a payday loan,” Richard Cordray, director of the federal Consumer Financial Protection Bureau, told a January hearing on payday lending in Birmingham, Ala.

“When you’re desperate, the terms of the loan seem to matter a lot less,” he said. “You need money. You need it now.”

Enter the credit union, whose motto is “Not for profit, not for charity, but for service.”

Emergency financing has long been available from credit unions in the form of automatic coverage of overdrafts in checking accounts. The effect of overdraft coverage is to provide a temporary safety net to members paying expenses greater than their account balance.

But true payday loans have been a conundrum for credit unions for reasons that boil down to risk and reward.

Payday loans are unsecured and don’t require a credit score, thus making them the kind of high-risk lending that credit unions have traditionally avoided. At the same time, the idea of charging high interest rates to cover the risk runs counter to the credit union business model, even if they could.

Interest rates on most if not all credit union loans are capped at an annual percentage rate or APR of 18 percent, which compares to annual interest rates of 200 percent and higher from conventional payday lenders.

A year-and-a-half ago after much deliberation, the National Credit Union Administration enacted a new lending rule specific to “short-term, smallamount loans” designed to be an alternative to conventional payday loans.

The most eye-catching part of the rule was allowing credit unions to charge an annual interest rate of up to 28 percent on these so-called “small loans.” About 400 credit unions, or about 5 percent of the roughly 7,500 nationwide, have offered payday-like loans with interest rates up to 28 percent.

Few credit unions in New Mexico appear to have exceeded the standard 18 percent cap on annual interest rates on their emergency loans.

“We’re out to help our members, not scalp them,” said James Raquet of US New Mexico Federal Credit Union in Albuquerque, which offers a short-term, small-amount loan called an Eagle Advance at 18 percent annual interest.

Four Corners Federal Credit Union in Kirtland has offered a payday-type loan called the Payday Advance Loan or PAL since 2005 and its program has served as a model for similar programs around the country.

The loan limit is $700, payable in four months at an annual interest rat of 18 percent, for members who have direct deposit and have held their current job for at least six months. Members can take out only one PAL at a time, which is a requirement adopted by the NCUA in its October 2010 rule.

Losses from the PAL program at Four Corners FCU are minuscule, only about $100,000 in write-offs on more than $14 million in loans made through the program since 2005, according to CEO Phyllis Crawford.

Crawford attributed the low level of write-offs to Four Corners FCU’s closed membership, which is limited to workers and their extended families at six employers in the area, and the fact that 85 percent of its members are Native Americans.

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