Letters to the Editor: Car Title Loans

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Newport News Daily Press 
April 22, 2010
Speer, James W.

Jay Speer, executive director of the Virginia Poverty Law Center in Richmond, praises Del. Glenn Oder for his support of recently passed state legislation that brings regulation to the auto title lending industry. In a letter to the editor of the Newport News Daily Press, he praises the measure as an huge benefit for Virginians who get trapped in such loans. Speer emphasizes that car title loans should be avoided at all costs because of the exorbitant interest they carry, but he believes the legislation -- which takes effect on Oct. 1 -- will provide at least some protection for those residents who believe there is no other solution to their short-term cash needs.
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