On June 14th, an NBC 29 News Report from Charlottesville explained that new data from the Weldon Cooper Center for Public Service at the University of Virginia shows that 10% of Virginia families take out short term loans. According to UVA demographer, Rebecca Tippett, Virginia is one of the most open states in terms of alternative financial services in the United States. Typically, young unmarried parents take out these loans in order to provide for their families. Often, these borrowers are employed, and in the case of car-title loans, borrowers are risking their livelihoods by putting up their methods of transportation as collateral. It is to be noted that Virginia is in the minority, as it has yet to eliminate car-title loans. Click here to view the transcript of the report from NBC WVIR-TV.
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