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 is now a “lapdog when it comes to lending that is high-cost,” the visitor article writers state.

By Dana Wiggins and Benjamin Hoyne (guest line)

We’ve been fighting lending that is predatory Virginia for over two decades. The Virginia Poverty Law Center’s hotline has counseled a large number of title and payday loan borrowers trapped in a period of financial obligation.

For a lot of, an unaffordable cash advance of the few hundred bucks due straight back in a single thirty days quickly became an anchor around their necks. Numerous borrowers fundamentally wound up spending more in fees — sometimes lots and lots of bucks more — than they borrowed when you look at the beginning. Continue reading “Virginia Is Stopping The Debt Trap, No Because Of Federal Regulators”