Ohio voters: propositions? - Mothering Forums

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#1 of 3 Old 10-28-2008, 08:40 AM - Thread Starter
 
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Any recommendations for sites about voting on the propositions?

I remember someone telling me that voting on Issue 5 was tricky. Like the commercials make it sound like you want to vote no, but you really should vote yes (or was it the other way around?!?).


Thanks!

DS, 10/07. Allergies: peanut, egg, wheat. We've added dairy back in. And taken it back out again. It causes sandpaper skin with itchy patches and thrashing during sleep. Due w/ #2 late April, 2012.

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#2 of 3 Old 10-28-2008, 10:35 AM
 
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The run down is like this...most of the "Issues" 1-6 are constitutional amendments.

The basics of Issue 5 - capping the interest that payday "advance"/"loan" companies can charge; creates a database with information on who takes out payday loans and when they take them out. It also increases the max time you can take the loan out from 15 days (per payday advance company policy) to 30 days.

If you vote "Yes" you are agreeing that the interest rate should be capped.
If you vote "No" you are disagreeing that the interest rate should be capped.

Here is what is going on. You have a lot of people addicted to these "payday loans". You get charged $15 per $100 you barrow. For instance, you "barrow" $300, when you pay it back, you have to pay back $345. Right now, you have to pay this back every 2 wks. If a person comes in and takes one out every 2 wks, which trust me as a former employee in one of these payday advance companies, there are many many many people who do this every pay period, they are barrowing $300 every two weeks. So, if you have 26 bi-weekly period a year, that means a person is paying $1,170 in interest a year to always barrow $300.

This is the reason the payday advance companies are fighting hard against Issue 5. There are thousands of people in the state who are barrowing $300 every 2 weeks for 26 weeks a year.
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#3 of 3 Old 10-28-2008, 01:54 PM
 
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I'm sorry, but we don't allow political threads in FYT (the only exception would be information-only posts that share the details for an event), as per the FYT Guidelines. Once politics has opened, I can move this thread there.

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