The federal CFPB is now a “lapdog for the lending that is high-cost,” the visitor article writers state.
By Dana Wiggins and Benjamin Hoyne (guest line)
We’ve been fighting predatory financing in Virginia for over two decades. The Virginia Poverty Law Center’s hotline has counseled 1000s of payday and title loan borrowers trapped in a cycle of financial obligation.
For several, a payday that is unaffordable of some hundred bucks due right straight back in one single thirty days quickly became an anchor around their necks. Numerous borrowers sooner or later finished up having to pay more in fees вЂ” sometimes thousands of bucks more вЂ” than they borrowed into the beginning.
These debt trap loans have siphoned huge amounts of bucks through the pouches of hardworking Virginia families since payday lending ended up being authorized right here back 2002. Faith communities through the commonwealth have actually provided support that is financial borrowers when predatory loans caused them to obtain behind on lease or energy re payments. Seeing the devastation why these loans triggered inside their congregations, clergy have now been in the forefront of this campaign to repair usury that is modern-day Virginia. Continue reading “Virginia Is Stopping The Debt Trap, No Because Of Federal Regulators”