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Friday, September 15, 2006


Payday Loan Advocate

The Arizona Credit Union System (ACUS) would be extremely pleased if the payday advance companies in the Grand Canyon State were eliminated, but its opinion is certainly fueled by the success of its own commerce. The credit union is stepping up its lobbying efforts to overthrow the competition and acquire all the former cash advance customers. Part of the campaign includes a mass e-mailing effort that is projected to reach up to 1.6 million credit union customers. The ACUS will persuade voters to vote against Proposition 200. Proposition 200 supports organizations like the Arizona Community Financial Services Association that declares Proposition 200 will actually lower state loan fees, eliminate extensions by presenting accommodating payment plans, regulate Internet lending and reduce the amount of walk-in stores in Arizona. These impending reforms will further help payday loan customers, and the reforms will also allow industry employees to keep their jobs. No one can afford to lose his or her job in this turbulent economy.
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The bankers are very greedy they are just exploiting the innocent people by laving high interest rates which in turn lead to foreclosure.


In these days of sub-prime loans and the housing market in such a downturn, many people are in danger of losing their homes. Many lenders issued adjustable loans that re-adjust periodically and many people may not have been aware of how much their payments could go up. Some of these people may now be in danger of foreclosure if they're unable to keep up with the payment increases.

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