Emanuel Orders Stop To City Credit Card Use
News from Chicagoist:

After a Fox Chicago/Better Government Association investigation revealed city employees using city credit cards to pay for everything from flowers to expensive restaurants to city-issued red-light tickets, Mayor Rahm Emanuel has ordered an immediate full-stop to all credit card use. In a memo to his cabinet and city department heads, Emanuel also ordered the cancellation of all city credit card accounts and suspended employee expense reimbursement until a full investigation is completed.

Via Fox Chicago, the memo states, “This is completely unacceptable to me and I am troubled by the disrespect this shows for the hard-earned dollars taxpayers give the City of Chicago.” A spokesman for the mayor’s office also told Fox Chicago that they discovered the credit card abuses while responding to requests for information. The expenditures mi…………… continues on Chicagoist
… Read the full article

Related News:

Payday loans generally a bad option
News from Los Angeles Times:
Payday loans are billed as a quick way for borrowers to receive small loans, with no collateral or credit requirements.

But the cost of the loans, which proponents say are supposed to be for emergency use, is extremely high. In California, each $ 100 borrowed costs up to $ 15; thus the fee on the maximum allowed $ 300 payday loan would amount to as much as $ 45. The annual percentage rate on that deal comes out to a whopping 460%.

But do these borrowers, who might turn to payday loans to get money for recurring expenses, such as for groceries or housing, have better options?

They may. The answer depends on why the money was needed. Sometimes the best option isn’t a loan at all.

Paul Leonard, California director of the Center for Responsible Lending, says payday loans are frequently used to pay regular monthly expenses. That, however, is what the country’s social safety net is for. There are federal food stamps and some housing aid available. Alternatively, there are charities…………… continues on Los Angeles Times
… Read the full article