Title Lenders Changed Cash Advance Shops, Trap Arizonans with debt

Title Lenders Changed Cash Advance Shops, Trap Arizonans with debt

Strong guidelines from customer Financial Protection Bureau needed seriously to stop your debt trap while Arizona Legislature should respect Prop 200 mandate and repeal name loan legislation

Phoenix, AZ —Today the buyer Federation of America (CFA) in addition to Southwest Center for Economic Integrity (CEI) released a report that is new “Wrong Way: Wrecked by Debt/Auto Title Lending in Arizona.” The report examines the exponential development of name loan providers since Arizona’s legislation authorizing payday advances expired this year and papers the risk that is high borrowers whom secure loans aided by the name with their automobiles, including repossession, deficiency balances, balloon re re payment financial obligation and collection expenses.