This is probably one of the more pressing issues on our ballot this time around, excepting the actual representative elections.
Issue 5 is a vote to maintain reforms put into place by the Ohio Legislature to reduce the lending abilities by so-called payday lenders. Currently, payday lenders can charge up to 391% interest on these loands which, yes, over two weeks would only be $15 on a $100 loan. However, the cycle that is created for predominantly low-income persons just trying to make ends meet is destructive and does not help the current credit crisis. For my original post on the issue, go here.
I have friends stuck in this mess (as shown by the fun little cartoon below), and it's rough and it's difficult to get out of. Yea, there's an argument to be made that people should be responsible for their own money and their own financial decisions.
Not to be snarky, but we've seen where that has gotten us, haven't we?
Language of issue 5.
Arguments for it.
Yes on Issue 5 Campaign.