Title Lenders Changed Payday Loan Shops, Trap Arizonans with debt

Title Lenders Changed Payday Loan Shops, Trap Arizonans with debt

Strong guidelines from customer Financial Protection Bureau had a need to stop your debt trap while Arizona Legislature should respect Prop 200 mandate and repeal title loan legislation

Phoenix, AZ —Today the buyer Federation of America (CFA) together with Southwest Center for Economic Integrity (CEI) released a report that is new “Wrong Method: Wrecked by Debt/Auto Title Lending in Arizona.” The report examines the exponential growth of name lenders since Arizona’s law authorizing pay day loans expired this year and papers the risky to borrowers whom secure loans using the name with their automobiles, including repossession, deficiency balances, balloon re re payment financial obligation and collection costs.Continue reading