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February 25, 2021
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DRIVEN INTO DEBT
(2008-03-03)
(wgvu) - PAYDAY LENDERS HAVE BEEN THE BAD GUY IN THE
PREDATORY LENDING DEBATE FOR YEARS WHILE CAR TITLE LENDERS HAVE
CRUISED ALONG UNNOTICED -- AND UNREGULATED IN SEVERAL STATES.
EFFORTS TO REGULATE THE INDUSTRY HAVE FAILED AS LENDERS POUR
HUNDREDS OF THOUSANDS OF DOLLARS INTO LEGISLATIVE CAMPAIGNS.
LEGISLATION WAS INTRODUCED THIS YEAR IN AT LEAST EIGHT STATES.
LAST YEAR, 16 STATES TOOK ON CAR TITLE LENDERS, AND SIX PASSED
REGULATIONS.
A LOBBYIST FOR ONE OF THE NATION'S LARGEST CAR TITLE AND PAYDAY
LENDERS SAYS CAR TITLE LOANS AREN'T AS PROBLEMATIC AS PAYDAY LOANS.
BORROWERS CAN'T GET MORE THAN ONE AT A TIME UNLESS THEY HAVE
MULTIPLE CARS.
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