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Title Lenders Changed Cash Advance Shops, Trap Arizonans with debt

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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 repeal and mandate name loan legislation

Phoenix, AZ —Today the customer Federation of America (CFA) and also the Southwest Center for Economic Integrity (CEI) released a fresh report entitled “Wrong Method: Wrecked by Debt/Auto Title Lending in Arizona.” The report examines the exponential development of name loan providers since Arizona’s legislation authorizing pay day loans expired this year and papers same day payday loans online the high-risk to borrowers whom secure loans utilizing the name for their cars, including repossession, deficiency balances, balloon payment debt and collection expenses. (more…)