Topic: I Need A Payday Loan But I Have Other Outstanding Loans - THE TOUGH CUSTOMER- Half a loaf? Does lending reform go far enough? - The Hook
By that standard, the compromise on payday lending reform the Virginia General Assembly reached in the waning days of its 2008 session last week approaches perfection. As I delved deeper into car-title lending and its much more ubiquitous cousin, payday lending, I found out that becoming trapped in an unending cycle of high-interest debt is common, and that despite years of trying to enact reform, the General Assembly has been unable to get a handle on the problem. Jay Speer, executive director of the Virginia Poverty Law Center in Richmond– one of the consumer groups leading the fight for payday lending reform– calls that argument “sheer unmitigated nonsense. Next Churches should set up funds for their parishoners like the old days, and third, if we limit the loans for a year and watch we might just find that without this easy way out people will be more responsible AND some companies will realize that they can still make a profit at a more reasonable rate. Learn more
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