Please remember when you vote next time that we live in a country where poor people have cellphones, internet, cable and order $50.00 worth of pizza and then cry to the government that they need help. I guess you can't pull yourself up by your bootstraps when you spent the money on bling bling.

Just curious... is this Erdman related to the Fort Atkinson Erdmans???

Read what happened to me....at the pawn shop
http://www.biggerstage.blogspot.com/

Well I have not been on for a few days but I see that Hannah has taken off with my commentary on how to spend $90,000. As Hannah had been discussing how someone who made $135,000/year did not have money to pay the mortgage I thought that I would provide an example of expenses. Those are not my expenses, if you read the whole thing you would note that I have had $3400 in car repairs. I also have a daughter in college which costs money unless you are in a very low income level. Anyway, I digress. And to YADA, he most certainly is not. And I know this from my own personal experience. And finally it is NECESSITIES!!!

What I agree with is this:
When I see people who cannot afford to feed, house, or pay the electric for their families, yet they have credit cards, cell phones, the internet, all that stuff. They need to take care of the important things, first. Forget the vacations, the fancy outfits, jewelry, etc.

mikki-okay.
but you do agree it is bs that they have these other bills that are NOT neccisity and the neccisities dont get paid.

yada, I can not agree even remotely! Scammer from the get go! I would even lay money that the stuff he won't display would help police in stolen property investigations going back 27 years. This is not a trustworthy person in my opinion.

Okay, hannah, let's just agree to disagree, here. I don't want to turn this blog into a peeing contest.
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Stewy, you are correct. You have absolutely NO idea how many people I see on food stamps, that have cellphones, cable, internet, all the luxuries. Because they have to turn in their bills to get assistance, you'd be surprised at what you'd see. Pay-per-view porn...what...you can't feed yourself, but jeez, you gotta watch Sophmore Fanatsies.
Not to mention that they ask for assistance, come in reeking of cigarette smoke, but say they can't feed their kids? Let's say you spend that $5 per day smoke habit, spend that 35 dollars a week on food for the babies you brought into the world.
Even worse..."I quit my job because it wasn't giving me enough hours, so help me pay my electric bill..." Well, half a loaf is better than none, right?

For what it's worth - Richard Erdman (Coin Shop) is an honest and caring person that I've done business with many times.

maybe youre being sarcastic and i missed it. seriously how on earth would you even start to track down a person.

yeah that is pretty detailed you know the only engeneer with three kids. I didnt even say where he lives. or are you under the assumption an engineer (of what kind do you think?I didnt even say what kind there are many in case you didnt know) wouldnt have poor credit.

You have a commitment to keep credit information confidential. Engineer, married three kids, you got way too detailed and stepped over the line.

maybe not all their bills are on a credit report but they SURE areif they dont pay them!!! it is called collections.

stewey gets it why cant you?

Do you know who i am speking of by name. no you dont. So i am not doing anything wrong by mentioning general speaking about many that apply for auto loans and one specificly because you seem to think their is nothing wrong with poeples BAD credit scaore and buying things they dont need and having to go to a pay day loan shop for cigarette or bill money cause they chose to spend the money on crap instead of bills.

I see people on food stamps in line at the grocery store talking on their cellphones. And they wonder why they don't have any money? A cellphone is not a necessity. Neither is cable television or the internet. People need to figure out what is most important. We have been living above our means to long and now it's biting us in the rear end.

Hannah, still wrong, but your getting closer!

Not ALL of someone's bills are on their credit report. And again, you have no clue what this person's personal problems may be.
Personally, if I were having problems and had to choose between my house and car, I would choose my house. My children cannot live in their car.
Besides, you ARE up his behind. The credit report you pull is ONLY for issuing credit and collections. It's not for broadcasting his business on these blogs.
I really don't think your employer would appreciate that.

sorry- 89100. anyway I can see some adjustment that could be make.

Pawn shops are the last place a person should take anything of value, they will offer you 10% of what it is worth . They are all Lisenced crooks

$17,400 left over Hannah? I don't think so, add it again.

well you must have added wrong I have 17,400 left over for you for the 5 haircuts and the coloring of the gray. I am not sure if youre making fun of me because i dont understand who they cannot make a car payment or you are agreeing with me that you dont need a payday loan with 17,400 left over. sorry.

jem- maybe you should look at some of your other bills as well. 1500 a year for cell phone???? Maybe you should cut the plan in some way?as well as 2000 yr phone and cable??
Maybe turn the heat down/air down. I am not trying to be mean here. I do most of this on way less than you make as well.maybe cut down on how much you spend on gifts.

mikki- sorry i over exagerated my mort but it is $2300. which is alot if yould like to compare it to %ages of incomes. i am not up his behind. this is all info right off a credit statement as you should know since youre in FINAnCE!!

and it is my business when we as tax payers have to pay for it in rates when people are not paying their mortgages as in the bailout. who do you think is going to pay for this. the money tree?
well j- maybe you should contribute $6000 a year to charity if you cannot pay your mortgage.

Wow I must not have any of those bill you listed . NOT. and I still pay mine on time.

Let's see take home $90,000 ....
6000 401 k
600 LIFE INSURANCE
2500 YEAR CAR AND HOME INSURANCE
3600 YEAR CAR PAYMENT
2500 YEAR ELECTRIC AND GAS
5000 YEAR REAL ESTATE TAXES
20000 YEAR MORTGAGE
500 YEAR WATER BILL
2000 YEAR CABLE AND PHONE BILL
1500 YEAR CELL PHONE BILL
3000 YEAR GAS AUTO
7500 YEAR GROCERIES(INCLUDING TOILETRIES, FOOD ETC)
3000 YEAR CLOTHING, BIRTHDAYS, CHRISTMAS(5 PEOPLE 3 GROWING KIDS THIS IS PROBABLY WAY LOW)
7500 YEAR MEDICAL INSURANCE COPAYS PRESCRIPTION
6000 YEAR CHARITIBLE CONTRIBUTIONS(CHURCH, SCHOOL FUNDRAISERS, DONATIONS TO GOODWILL,GS COOKIES, SHALL I GO ON)
6000 YEAR STUDENT LOANS
4000 YEAR BRACES(ONE OF THE KIDS HAS TO BE IN BRACES)
500 YEAR GLASSES(INSURANCE RARELY COVERS)
2000 YEAR AUTO MAINTENANCE(UNLESS YOU ARE LIKE ME AND HAVE HAD 2 CARS IN 2 WEEKS COST 3400 IN REPAIRS)
1000 ENTERTAINMENT(SO $200 PERSON PER YEAR WHICH IS NOTHING)
500 YEAR PET COSTS(MOST PEOPLE HAVE PETS, FOOD, VET BILL ETC. THIS IS PROBABLY LOW)
With all that, there is no vacation, no savings, no 529 plan for the kids, no new vacuum when the old one breaks down,
there is left about $75 a week for school lunches, school fees, babysitters for a night out, vacation around the world,
haircuts for 5, and finally
Haircolor for the gray hair that you have because you make $135,000 a year and you can not pay your mortgage on time!

YOU BETTER GO OUT AND GET A PAYDAY LOAN!

So you have a $3000 mortgage? Wow. That's nuts.
It's also nuts that you are so way up this guy's behind that you know SO much about him and worry about his life so much.
There are things that happen in everyone's lives that really, are their business, and probably are none of yours.

mikki- no i cannot- he has been married long time, he has 3 kids with his current wife and no previous wife. Some how I can handle it on WAY less then he makes. and yes they take taxes out of my check too and my mortgage is twice the amount so I get it paid of in just 12 more years. Oh and I have taxes and all the other stuff you mentioned.

BLAH BITTY BLAH!

Okay hannah, $135K is gross, let's pretend he only has 1/3 of his income removed for taxes. (leaving $90,450.00)What if he has child support? Say, three kids? What is that, 34%? $47,250.00 per year? That would leave a net of $43,200.00. Say he has a 'new' family, wife, another couple kids. Okay, so he is taking home $3600.00 per month, $1500 mortgage, then you have taxes, insurance, utilities, food...
Guess you can't see that, huh.

zoom:
I don't think you have any grasp on how large organized crime is.
Trust me when I say it s HUGE operation, and people have very easy access to it! It may not be as easy as going to an payday loan shop on Milton Avenue, but it's very assessable. Much more then you may think. And as many have pointed out, when people get desperate, they do desperate things.
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Free markets are what made this country great. There is a reason the US a rose from practically nothing to the wealthiest nation, and the biggest world super power, over it's 200+ year history. It was because of free market capitalism. China will soon take over that role from us as they are by no means Communist any more, and in fact much more free market then we are now!

okay mikki- please explain this example. cause i cannot.
an engineer making 135K a year with a $1500 mortgage payment and ONE car payment lease of $300 a month cannot pay on time? is it because he just doesnt feel like it and thinks it isnt important too do so?

"zoom: I disagree. If you "ban" these places, that sounds great on the surface, but really all you do is turn it all over to a black market, underground, organized crime business."

The average person wouldn't have clue one how to find a loan shark, and wouldn't even consider it. Organized crime isn't going to open up a shop on every other street corner, like the legal predatory lenders do now. It doesn't take "big government" regulation to ban or restrict these places. As a business, they are already regulated. I always get a kick out of your "free market" ideas. How well has that served us (as a society, not you persoonally) over the last few years?

Hannah -

I've read that 100 monkeys at 100 typewriters could write a Shakespeare play in 100 years. You, my dear, are nowhere near this level. Take your time, gather your thoughts, and begin typing. Reminder: the letters on your keyboard are not in alphabetical order.

hannah: I have no clue what my credit is. I buy everything in cash. All my assets are completely paid for, and all my invested assets are real $$$ and never leveraged on margin (credit).
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zoom: I disagree. If you "ban" these places, that sounds great on the surface, but really all you do is turn it all over to a black market, underground, organized crime business. The places will exist no matter what legislation you pass, especially in a bad economy. I always get a kick out of some of you big government regulation on everything to "fix" a problem. All it ever does is create a massive wave of organized crime. The laws on pot and gambling are prime examples of that. I'd personally rather have them legal, employ some people, and collect the tax revenue from them.

Mikki and Hannah,
These times are different. However people were still getting payday loans and selling things prior to these tough economic times. I was always taught that I need a place to live first so to pay the rent or the mortgage first. Electricity next, and so on. It seems today that many younger people have the "let's have fun first and wait for the consequences later" attitudes.
The payday loan places, love them or hate them are legal (they are not buying stolen or questionable items, you know the value of what you are getting, it is all in writing). Like I said before they are in my opinion legal Loan sharks, but they are legal. If someone hates them enough, work to get tighter regulations on the interest etc.

I am on a large soapbox against the pawn shops that buy things that are not the person' item to sell, or give pennies on the dollar on things with much more value. If we did the math a pawn sale on 10% of an items value is far more than the interest and fees on the payday loan. And you know what you are getting on the payday loans.(Title loans I would throw into the pawn category).

People don't have money, yet the cable bill gets paid first. People don't have money but there is a big screen TV in the living room. People that use these quick loans and pawn sales are not writing on here. But you can bet that most of them have a computer and the internet. No money, let's go to a movie. No money, let's go to McDonalds.

For years I have drove around Janesville and my husband would say.."Who is building all of these huge houses"
People who can not afford them.
The economy did not happen in the last 3 months, it has been happening over the last generation of Buy now pay later.
20 somethings(in general not all so no one is offended) want to come out of school and have $50,000 year jobs and not actually have to work. Work more than forty hours a week? Are you kidding, that is too much.
All play and no work make prime candidates for Pawn shops and payday loans.

I have been in the finance business for years, and have run into it quite frequently, thank you very much. In my business now, non-profit, I run into it even more.
It's nice that you see people making MORE than enough to make their car payment, but don't. The people I see day to day have lost their jobs, their homes, and need to feed their kids. Maybe they are living on one paycheck and their one car breaks down. They need repairs and they have no money, so they go to a payday loan place.

I think you are on a high horse because you are calling people idiots. If you don't recall, perhaps you need to read your own posts, if you can. It's very difficult for some of us to. You don't like people attacking you because you can't spell your way out of a paper bag, do you?

If you really understood the economy then you'd know that for the most part, people are UNABLE to pay their bills, not unwilling. Sorry to burst your little bubble on that one, toots.

My credit score is none of your business, suffice to say, I own my own home, my own car, have worked the same place for almost ten years. 'Nuff said?

You sure seem bitter and judgmental. I sure HOPE you're NOT in the financial sector. I would really hate having to come to you for a loan, hearing how you ASSUME things about people. Wow.

kiawana- you must have good creidt- seems only those that do agree with me and those that dont BLAME it on bal,bla , bla.
zoom sorry I miunderstood.

well mikki- maybe your not in the finance busienss? I havent run across it yet. I see people making
MORE than enough to pay their car payment YET dont? EXPLAIN that please. Where do you work tha toyu run into this so often??

Sorry I dont know why you think i am on a high horse because I pay my bill ontime. yes again I know about the lousy economy and so does my paycheck and bills still get paid ontime.
I dont recall calling people idiots. Just uninformed or unwilling topay their bills unless your refering to my comment as to why people dont understand why they cannot get a loan if they DONT pay their bills. Those ARE YUOR WORDS THEN- "idoit".

mikki-do you have agood credit score or bad and what is your bla , bla excuse???
I love the "blame it on cause we got a divorse. so you just quit paying your bills?????? sorry figure it out and get the stuff paid for yuo bought TOGETHER!!when you were together.

jemand-good point cell phone on and cigs lite. but some cell phones off so somehow just get another contract QUICKLY before the old one tells!!!

Yes Mizza I have seen this too. do you see this as well or only see ALL these identy thefts you speak of. sorry who would steel a poor creditor identy??? and what poor creditors identy would get stolen by the multi credit offers in the mail????NOT. as as mentioned a good credit peson IF stolen would FIX IT ASAP!!! I am sure it would get resolved quickly because THEY DO know what is going on with their credit.

Anyone that wishes regulations be passed on pawnbrokers in Janesville please write the city council at
citycouncil@ci.janesville.wi.us
and request electronic reporting

"If people are dumb enough to fall for them, that's their own doing."

In regards to payday loans, I understand the sentament, but ultimately, we all pay for the mistakes of others. The subprime mortgage mess is a prime example. Eliminate the predatory lending of payday loans, and people would have one less way to screw up their lives.

kiowamohican,
Very true, very true that people need to take responsibility for themselves. but, as has been stated before when people are desperate, they do desperate things. E-bay is dirt cheap to post and sell on. Craig's list is free. You can be sure that the cigarettes are still bought, and the cell phone is on, but the rent is not paid. The "I want something now, no matter how I get it" generation is here, it is now. And unfortunately Mr. Erdman and others like him are very happy to take your stuff and your money for pennies on the Dollar. They keep slips which can "get lost", or be very time consuming to find.

Janesville needs to do what other cities have done, they need to make mandatory electronic reporting.

Especially now, especially with GM closing. People will be getting pawn loans which is not where the problem is. It is when they sell the item. Why would anyone sell an item to a Pawn shop? Desperation, no money, need to fence it, need the cash. Warm(Hot) whatever, the police will never see it until they start with regulations.

Really hannah? I have run across identity theft quite often.
But it's nice to see you riding your high horse, calling people idiots. Really nice.

The era of the NINJA loan is over! LOL
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That be: No Income, No Job, no assets!
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I personally don't have any problems with these payday loan/pawn shop places. If people are dumb enough to fall for them, that's their own doing. People should start taking some personal responsibility for once, instead of just always blaming the evil bank, or the evil lender. It's never your OWN fault anymore that you were stupid, it's always the fault of someone else.

"so zom youre saying a person that doesnt pay their bills on time should get the same rate as people who do..."

You misunderstood my "Yes we can" statement. I said, at a certain level of credit score, you should not be able to get a loan at all, even the payday loans! We can prevent these predatory lending practices. The payday loans, which effectively charge hundreds of percent APR, and charge huge fees if you miss that first payment, prey on the very people who are already poor managers of money, and could get even more over their heads very easily.

coindealer6219,
That might be because you are a coin dealer, and not someone desperate for cash. Professional,Ha! until the police show up and ask if he bought something from someone and he says no.....but down the road when detectives get involved, then he says oh yes, but so and so had a valid ID. Not my fault, I sold it already too bad for you. Or how about when he buys a brand new piece of electronics, say a Plasma TV or a New Wii in the box. Do you think he should be a little suspicious that someone would take pennies on the dollar for these things instead of returning them to the store? Do you think he might wonder what the 18 year old kid is doing with the $10,000 ring, or the 19 year old kid is selling his new plasma tv? Come on....,,Fair to you sure and professional. You know coins...But when he gets the Plasma for $200 or the Heirloom ring for $150, He knows how to prey on the people who are desperate, whether they do not have jobs and need extra cash, or they have stolen something and have to "Fence" it. Nothing more than a moral criminal.

i have done business with the coinshop many times and ive always been treated very well and professionally

Is there any chance you'd give me a cheeseburger today if I pay you next Tuesday?

yes mikki- i pay my bills on time always have.also medical is sometimes no counted when applying for a car loan.When people get their phones repoed that is bad. kohls card trying to be cut up by creditors- sorry kohls card is prob a WANT items. my bills are paid FIRST. then if anything is left over then fun stuff. Yes my income is about 1/2 of last year. so I understand the touch economy times. just no fun stuff this year.

and sorry the identy theft thing isnt an excuse becuas ethose people get it fixed and move on. and I have not run across one of those in 8 years.

lending laws are for wi only. these companies are not from wi so they can do what they want to the rate.
as for 18% or more again these ARE wi lenders and that is what people will qualify for.

have you seen the ads for 0%. see the disclaimer TO QUALIFIED CREDIT????

Sorry no 0% when you dont pay your bills.

yes you can still get a 18% or more.Lets see one repo, one BK sorry = 18%. and maybe NO loan at all with a bk. I have seen poeple come in here with a buy here pay here loan which usually isnt reported to bureau and have 2 repoes and a bk and wonder WHY cant I get a loan?????car loans BUT only if you qualify. as i mentioned the bank is not going to risk poor credit at a good rate. they want some payback upfront. you get the rate YOU HAVE EARNED. The dealer is not trying to mark up the rate on you for fun. this is what the bank says you need to do if you want this car because you dont pay your other bills on time. I am not sure why poeple dont understand this

so zom youre saying a person that doesnt pay their bills on time should get the same rate as people who do. then why would anybody pay on time ? it seems it would turn into a bigger mess than it is now. maybe people with poor creidt should have to go to class and learn these things before they get approved. and there are first time home owner classes I am sure theyll discuss this here. The arm rates are now the same or higher than fixed. what idoit would chose this???

I can see how these places would be booming now that the easy credit via banks has gone bust! All this tells you is just how bad the credit problem is in this country. Everyone is built into this mentality of buy now, and pay later. It is a mentality that has caused a total collapse of the financial system, which has only just begun.
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CASH will soon be complete king in the coming years; as no one will be wanting to extend credit to anyone other then these rip off payday loan shops.

I know a relative a pawn shop owner here in Janesville. It might even be the one in this story. The "warmer" stuff never see the light of day. Greedy, seedy, and not someone to be trusted. Sadly, the gazette helps out by wasting the page, the ink, and the "advertising."

Mikki, I could not agree more that we need lending laws and limits on interest rates charged. Oh, and the credit card $39 charge for late fee and bank charge for Overdraft check of$35 is usurious as well. (especially when they pay a $3.00 check and charge over draft.
The Payday or quick loans are legalized loan sharking! which I guess if you attach a shingle and hang your name out, and follow the laws of the state as they are, is legal. So the only difference between the payday loans or quick cash places is they are not out with Baseball bats breaking someone's legs for not paying. Well good for you! How proud! Oh, and the credit card $39 charge for late fee and bank charge for Overdraft check of$35 is usurious as well. (especially when they pay a $3.00 check and charge over draft.

hannah-in these tough times, I hope you are 'earning' your perfect credit rating.
Some people have bad credit to to identity theft. Some due to illnesses, where they simply could not work.
Yes, you CAN help what the banks offer, they are called lending laws, and they are needed here.

Quick loan shops are a SCAM! They are also supposed to inform customers of the rates they charge. AVOID AVOID AVOID!

I can't believe Rod Benstead even offered up the suggestion to use a payday loan "store" for tough times. I talked to an attorney once who told me those places are barely legal as they are. It makes me ill every time I see a new one open up. I don't fault the employees for working there because everyone has to earn a living somehow, but the people who own those places should be ashamed of themselves. They take advantage of people who are in their greatest time of need. For those who would argue that we all have a choice whether or not to go in the door, when your rent is due and you have a poor credit score, there are very few options. If a family member or friend isn't able to help you out, payday loans are the next option. Then the cycle begins...most offer unlimited extensions as long as you pay the interest back, which is about $22 per $100 borrowed. Most who go in to borrow don't have the means to pay back the loan within a short time, as Rod Benstead suggests to do. I hope to see someday when they are few and far between, if not completely gone.

Zoom well said.

There comes a point when a loan just shouldn't be offered. Just because there is a market for those loans, it doesn't mean they are good for society.

"We cannot help what the banks offer Poor creditors!!"

Yes we can! Offering loans to people who really couldn't afford them, or were to uneducated to understand how an ARM works is, in part, how the subprime home mortgage market got us into the current mess. The same applies to the poor, who can get buried by hundreds of dollars in fees if they miss their "two-week" payment.

Also, is anyone still offering 18% car loans in the current economy?

So I have always wondered how do they know if the stuff is stolen or not?

those loan places have very high rates yes- but that is the rate these customers have also earned. If the people with poor credit try to buy a car SORRY that rate will also be in the 18%-20%. We cannot help what the banks offer Poor creditors!! and the people with good credit will not need to go to these places they will go to their bank and get a loan. Also if their isnt any type of collateral the reate would also be high. that is the risk you take because soory the $100 car for a title loan isnt really enough collateral and they really dont want your $100 car.

Exactly Mikki. Comparing a payday loan to a one time NSF or late fee is ridiculous.

Really? It's just a "two week loan"? I would really like to know how many of your borrowers are "able" to pay off their "loan" in that two weeks.
From what I understand, the majority of them "roll over" their loans, which they can do over and over and over again.

Comparing your 391% rate to other crappy rates is your defense? Really? Your "lesser of many evils" argument won't convince anybody that the service you provide is anything but predatory lending.

I very much appreciate that this article is balanced and takes into the account of industry members who are well informed about their businesses and their customers. Obviously payday loans and pawn shops have different business models. I'm most qualified to speak about payday loans. A couple things to keep in mind, particularly in light of some of the comments--

Because payday loans are two-week loans they cannot be offered at the same annual rates as annual credit products such as credit cards, auto loans and home mortgages.  Payday advance compares favorably to many consumer alternatives, even when expressed as annual percentage rates for two-week terms: $100 payday advance with $15 fee is 391% APR.; $100 bounced check with $55.59 NSF/merchant fee is 1449% APR; $100 credit card balance with $37 late fee is 965% APR; a $100 utility bill with $46.16 late/reconnect fees is 1203% APR; a $100 off-shore Internet payday advance with $25 fee is 651.79% APR; $29 overdraft protection fee on $100 is 755%.

Adults should be given all of the information they need and then allowed to make the decision about what financial products work best for their families and their individual situations.

"I like how the pawn shop is full of electronics, guns, video game systems..."

Probably because those are the most valuable items people own, but can live without in tough times. What do you expect people to bring to pawn shops, toothpaste and cellophane?

"The loan agencies are appropriate if used responsibly..."

Shame on you, Rod Benstead, for even SUGGESTING payday loans are appropriate for anything. Payday loan stores need to be banned. They serve no redeaming purpose, but to burry people in an unending circle of debt.

Also, shame on the City of Janesville for allowing these businesses to crop up on every corner. Just as the city limits liqour store licenses, I feel they need to limit the number of payday loan stores.

Finally, a wag of my finger goes to Ted Sullivan. While the subject of the story is O.K., providing no detail on the real problems people can get into is poor reporting.

Payday loans, at 526% interest. Yep, THEY are here to help US.

Greedy greedy people.... Makes me sick.

Here's the thought bubble for the picture of the pawn shop owner eye-piecing the watch: "This thing is worth about $200. I'll offer him $20 and re-sell it for $300. Man I love this job."

Maybe the Gazette should ask the Janesville Police Department how many complaints they have had about The coin shop and its owner. I wonder how many items are taken in that are stolen. Then Mr. Erdman gives a low amount to the desperate person, and he or she is happy with that because it did not cost them anything. All you need is a photo ID. You do not need any proof that the item is actually yours. He is not sad for the people, He is happy for himself! He can get a new plasma TV for $200, Wii consoles for $25, DVDs for 50 cents sell them on ebay. He may even buy someone's $10,000 family heirloom ring for $150 and melt it down for money.....I do not believe for one minute that sympathy or charity is his concern.

I like how the pawn shop is full of electronics, guns, video game systems...the most stolen things during burglaries. My friend just had a bunch of those things stolen the other night!

This is a very sad story, independent of the issue as to whether these shops provide a valuable service or not. However, I will say that "I think she doth protest to much" to Sherim44. I also thought that the issue was whether we needed more regulations over unfair interest like the old usury laws. How much interest is fair? How much is simply predatory?

Many times as in my case the people working for these loan/pawn shops are not the owners who will directly benefit from a person taking a loan. The are not vultures, just working people trying to stay employed in order to feed their families. The loan store I ran went out of business in Feb. and since then no other business in Janesville (except a business with a very part-time position) has been willing to hire me. Say what you want about these places, more times than not the employees are saddened to see people struggling in such hard times and these places do provide local employment to a number of people who do not possess degrees and are not "marketable". If you closely examine any business you can find an element of the unsavory. Is it better to sell liquor to drunks or cigarettes to nicotine addicts? How about junk food to obese people? It broke my heart to see people who were in financial and personal crisis every day. I cared about my customers and tried to encourage them to buy down or pay off as soon as possible. But then maybe that's why my location went under. Who knows?

you call the shot. news helps us make up our mind. fair and ballanced. you go gazette.

The gazette is nothing but a (This part of the comment was removed by the site staff).

I'm disappointed that the Gazette would use Quick Loans and quote representatives from these institutions as credible sources. Shame on you Gazette. The quick loan industry is filled with vultures -- waiting for the kill. They are hardly there to help. Many states (including WI) are in the process of passing or have tried passing laws limiting their shady practices. I'm assuming I'll see a follow-up article with credible sources. What say you Gazette?

The interest on the loans is insane and makes it difficult for the ones in NEED to get their pawned items back and maybe lose their car with the auto loan option and quick loans very high interest. And the sad thing is the low income with no credit rating are the ones who use these places and well you know the outcome. been there and paid dearly!!!!!!!!!!!!!!