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Critics of Predatory Lending Divided Over Best Way to Help Borrowers

Friday, August 19, 2016
Michael Pope | WVTF Public Radio
Diane Standaert

Here in Virginia, car-title lenders offer loans at more than 200% interest and often trap borrowers in a cycle of debt. In the last four years, the number of cars that have been repossessed has increased 144%. And the number of people missing monthly payments has increased 273%. So what’s the best way for the government to respond? One approach would be to limit the monthly installments to five percent of a person’s income.