Virginia Is Stopping The Debt Trap, No Because Of Federal Regulators

Virginia Is Stopping The Debt Trap, No Because Of Federal Regulators

The federal CFPB has grown to become a “lapdog when it comes to high-cost financing industry,” the visitor authors state.

By Dana Wiggins and Benjamin Hoyne (guest column)

We have been fighting lending that is predatory Virginia for longer than two decades. The Virginia Poverty Law Center’s hotline has counseled tens of thousands of title and payday loan borrowers trapped in a cycle of financial obligation.

For most, a payday that is unaffordable of some hundred bucks due straight straight right back in a single thirty days quickly became an anchor around their necks. Numerous borrowers ultimately wound up spending more in fees — sometimes thousands of bucks more — than they borrowed within the place that is first.

These financial obligation trap loans have actually siphoned vast amounts of dollars through the pouches of hardworking Virginia families since payday lending ended up being authorized right right right here back 2002.继续阅读