A June 20th article by Tom Shean of The Virginian-Pilot explains the situation of Travis Wood, a twenty year old man who took out a cart title loan to help his girlfriend pay her rent. Travis’ story raises questions like, are car title lenders properly regulated? Is it fair to offer a financial product that causes so many people to default on their loans? Is there a better way to help and protect Virginians who are in a financial bind?
The debate over whether or not certain types of financial services should be regulated is an ideological one. Some are likely to blame Wood, while others are calling for stricter legislation limiting predatory lending practices. Either way, this article provides a great example for why financial education should be stressed in high schools across Virginia. Teaching students to read and understand the conditions of a financial agreement will allow for many more Virginians to make better decisions in regards to alternative financial services.
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