State Offers Little Help for Trapped Debtors
Preston White's daughter needed a little cash a couple of months ago to relocate her family when she got back from Iraq. “We needed to get them some money really quick,” he said. He tried to get a loan from his regular bank to help the returning U.S. Army veteran, but was denied. So he picked up a phone book, flipped through the pages and saw an ad for a company that guaranteed fast loans. That’s when his "real horror story" started.
Within 30 minutes — just like the ad said — he walked out of The Cash Store ...
Comments (5)
Mark Kennedy
“I don’t know why the state of Texas is permitting this to happen,”
Really? Really? The scary part is most folks still think that the State is looking out for their interest. Sad. Sad. Sad.
David
Until Texas speaks with a loud enough voice to drown out the campaign contributions from payday lenders, any regulation - even data collection - will continue to be stymied session after session. This article is an excellent step in the right direction. Great work.
mikedudical
The Cash Stores are sharks. It's bad enough that Banks and Credit Unions have repossessed a healthy chunk of America's cars (see http://www.repofinder.com) . Now we have Cash Stored doing it.
RxforTexas
Why have the legislators turned a blind eye against this growing problem? They are not standing up for Texans against these unfair practices. Another example of highway robbery, and we know the thugs involved, but our government continues to facilitate them. Gov. Perry are you listening?
hoola
Whatever the case may be, what is clear is that Texans sometimes need access to short term loans. There are some businesses that follow more consumer friendly guidelines than those mentioned in this story. Check out www.cfsa.org which requires its payday lender membership to operate under a set of best practices. Balanced regulation is needed in TX.