Staunton Idea Spreads

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Updated: 4:05 PM Nov 12, 2007 Staunton Idea Spreads Staunton, Va. A payday lending reform idea that started in Staunton is quickly spreading across the state. Posted: 5:39 PM Nov 9, 2007 Reporter: Shane Symolon Email Address: ssymolon@whsv.com

Comments are posted from viewers like you and do not always reflect the views of this station.

Posted by: Ben Location: Charlottesville on Nov 12, 2007 at 12:16 PM

Payday loans are never the answer to financial problems. They are designed to trap borrowers in a cycle of debt and they are very effective in doing so. Data shows that 90% of the borrowers take out five or more loans in a year and the average borrower in Virginia took out fourteen such loans in a 2006. That's right, 14 loans! The average borrower also ended up paying more than twice as much in interest as the original amount they borrowed. There is always a better way to deal with a financial crisis. Always. Shame on the payday loan industry for targeting and preying on the less fortunate among us.

Posted by: Girly Location: Staunton on Nov 11, 2007 at 04:17 PM

I agree with David. If you use them wisely, it can benefit you. I had been out of work sick for a week. My house payment was due and i took out a payday loan to help with that. With out getting a payday loan i would have fell behind in my house payment, car payment and then would have gotten late charges from them. It would have taken forever to catch up. I just want to say Thanks for when i needed them the most...

Posted by: David Location: Staunton on Nov 10, 2007 at 03:47 PM

Payday lending can save several people from losing their homes, cars, bank charges, credit card charges and so much more. You have to respect these kind of places and not abuse them. Thats whey so many people hate them.

Posted by: Poppa Location: Staunton on Nov 9, 2007 at 09:53 PM

Payday loans certainly need to have an interest cap like anything else. However the best solution would be to stop living from paycheck to paycheck and learn to save some money. I'm sure there are legitimate cases where it's impossible for some people to get ahead due to various considerations. But more often than not it seems to be people who spend hordes of money quite wastefully that end up in these situations. The cost of living and wages have both gone up in the past few years, but not on a even scale. You have to monitor your spending more closely than ever.

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