March 14, 2014
The Staunton City Council is hoping several more communities will follow the example of Harrisonburg and support a resolution to cap payday loan interest rates.
Staunton mailed a letter to all towns, cities and counties in Virginia to ask for their support.
Staunton City Councilman Dickie Bell explains the rationale behind seeking a cap on interest rates.
He says, "Well, the first thing we had to decide was is this really a service and if it is, do we want to interfere with it? We've come to the conclusion here, as I think a lot of people have across the state and across the country, that this is not a solution to a short-term cash problem."