Days of the payday loan could be numbered with new regulations on the horizon

[Omaha Steve]

MATT MILLER/THE WORLD-HERALD

Sherry Rogers works with a customer at EZ Money Check Cashing, one of about 60 such payday loan storefronts still remaining in the Omaha metro area.

http://www.omaha.com/money/days-of-the-payday-loan-could-be-numbered-with-new/article_0565b988-8356-5fb5-acf9-d3a076e250a0.html

POSTED: SUNDAY, DECEMBER 27, 2015 12:30 AM
By Cole Epley / World-Herald staff writer

Diana LaCroix knew she was going to come up short.

Paying to renew her license plates last month cost her $400, money that the 63-year-old widow would have much rather spent on Christmas gifts for her eight grandchildren.

Social Security survivors benefits go only so far, she said, and her family members “are just as hard up as I am.”

So LaCroix a few weeks ago went to the one place she knew she could get a quick financial fix: a payday lender. The transaction netted her about $300.

FULL story at link.

[madville]

1. $400 to renew license plates?

Just did mine in FL, it was $80 for two vehicles, I would be in shock.

[Travis_0004]

2. Some states tax you on the value of your car.

I've paid more than 400 a year before if you have a newer car.

[JesterCS]

3. Glad I don't live there

Licensing in Ohio is pretty straightforward. Usually between 55 and 60 bucks for regular plates

[Travis_0004]

5. I don't think it really matters

Every state will get their income one way. Maybe with sales tax, income tax, etc.

I guess the downside for high taxes on plates is its a large amount to pay at once, while you don't notice the extra cents on every transaction.

For the record, I live in Ohio. From an employers perspective, its one of the worst states to do payroll in.

Local taxes, school district taxes, JEDZ, etc. Ohio is getting its money, just from other sources.

Its amazing the difference. Some states, we file for SUTA taxes, and state taxes. 2 bills to pay, 2 returns to file.

Ohio, we might have 50 people to pay.

[madville]

6. FL does it by vehicle weight or something

My car is a little less than my small truck.

[catrose]

4. Some credit unions offer alternatives, at a much less rapacious rate

article

I wish more did. When you're living paycheck to paycheck, it's inevitable that some weeks are longer than the end of the money.

[jwirr]

7. I don't see how a payday loan could ever really help. So

you need money this month and you borrow from next month - that makes you automatically short next month.