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Driven to Disaster-How City Council can help!!
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Joint research from CRL and the Consumer Federation of America finds that car-title loans—small-dollar loans secured by the title to a vehicle owned outright—cost U.S. consumers $3.6 billion a year in interest on $1.6 billion in loans.

•A typical borrower receives cash equal to only 26 percent of a car’s value, yet pays 300% APR.

•The average car-title borrower renews a loan eight times, paying $2,142 in interest for $951 of credit.

•Approximately 7,730 car title lenders operate in 21 states costing borrowers $3.6 billion in interest on $1.6 billion in loans.


Alabama and Georgia have characterized thier loans as "pawn transactions," becuase pawn transactions are not subject to the usury caps (60% cap in GA) that apply to normal loans or other requirements.

Recent bans or lowered rate caps, cause leanders to leave the state:
Oregon
Iowa
Montana (via ballot)
New Hampshire
Wisconsin (Dec 2010, than re-legalized June 2011)

What we can do on the local level

City ordianacece that would restrict the amount of funds advanced through a title pawn loan based upon an individuals gross income. This option would be written to follow a 2011 Dallas Texas, ordinance passed by that city council.

Require additional licensing, fee or registration requirements for pawn businessess to operate.

Fort Stewart should ban soliders from using title pawns.

Educate the community about the pitfalls of using this type of lending and offer finacial literacy courses.





http://www.responsiblelending.org/other-consumer-loans/car-title-loans/research-analysis/driven-to-disaster.html


Latest Activity: May 21, 2013 at 10:54 AM


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Blog has been viewed (832) times.

timeontarget commented on Thursday, May 23, 2013 at 06:42 AM

This blog has been up over two days and has been viewed over sixty times.

Yet none of us made any comments.

That speaks volumes about this "G I" town.

Drive all over Hinesville and even in outlying communities and notice the presence of numerous pawn shops and title pawns.

When I was a young adult we only had a single small pawn operation which operated discreetly in a back room of a mens store on main street.

Savannah had probably several but only one that I was aware of and it was at the far end of Broughten street where all of the stores were located, before the age of shopping centers and later malls.

Usury was looked down upon by all people of honor and respect.

Banks were restricted to interest rates below 8 or 9 percent.

I hope some of you who are better equipped than myself to do research will look into this.

My first home loan carried an interest rate of four per cent.

That all changed with the liberation of the usury laws under the administration of Georgia's own former President Jimmy Carter.

I could get on a soap box about that but lets get back to this blog.

I have lived here my entire life and I am disgusted with the pawn shops of hinesville and especially these auto title usurers as there are many of them and they prey upon the young soldiers much like vultures.

I know that those who operate the pawn shops are prosperous and attain great financial security but I don't see how they can peacefully sleep at night.

I hope this blog gets some traction but I am afraid that will not be how it goes.

Mayor Thomas should address this matter but I'll wager he will not and I doubt any presently elected official in Liberty county will give it a second thought.

This is simply a reflection of the moral rotting of America.

timeontarget commented on Thursday, May 23, 2013 at 06:47 AM

PoliticsNation whoever you are (and that does not matter) this is a situation worthy of debate and action and this blog site could be a medium to offer ways to clean up and improve my old hometown.

Anyway thank you for posting. Keep on adding your thoughts and comments.

PoliticsNation commented on Thursday, May 23, 2013 at 10:32 AM

Thank You! I'm grateful for your support and encouragement


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