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Without a doubt about Virginia is stopping your debt trap, no by way of regulators that are federal

Without a doubt about Virginia is stopping your debt trap, no by way of regulators that are federal

By Dana Wiggins and Benjamin Hoyne

We’ve 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 payday and title loan borrowers trapped in a period of financial obligation.

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

These financial obligation trap loans have actually siphoned huge amounts of bucks through the pouches of hardworking Virginia families since payday lending had been authorized right right right here back 2002. Faith communities for the commonwealth have actually …