One of the first headlines I noticed last Sunday morning and gave much thought to during the course of that day was “Crafting a Plan B for tough economic times: What’s your Plan B if your current job becomes another casualty of the recession?”
Specifically, as certain congregational members stepped forward to light a candle, this headline took on extra meaning at church when I learned that the very next day would bring an end to their jobs.
But what if we find ourselves with no time to craft a Plan B and must resort to a desperate loan through car title lending?
Then, I believe our financial troubles would really begin. Recently, I read that one out of 16 such loans results with the vehicle being repossessed and sold.
Without our vehicles, those of us who become victims of car title loans may lose our jobs because of missed work or may have to shred Plan B as we find we have no means to drive to an interview for a new job.
We can do better than this for fellow citizens.
My day brightened up a bit when I discovered “Close the open-end credit loophole," a plan prepared by the Virginia Partnership to Encourage Respon-sible Lending.
VaRERL is a coalition of organizations and individuals working to reduce the damage of predatory lending to Virginia citizens and the state’s economy.
Can we be take action to regulate such loans?
I plead with all in our great commonwealth to get behind the efforts to stop the abuses of the car title lenders, support VaPERL, and advocate for the passage of critical legislation that would correct these wrongs.
Don Manning
Lynchburg
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