April 3, 2009
Richmond Times-Dispatch
Jeff E. Schapiro
Terry McAuliffe is starting a pile-on by Democratic gubernatorial candidates of the high-interest instant-loan industry, proposing the state kick out payday lenders.
"We need to shut them all down; they only shove people into worse economic conditions," McAuliffe said yesterday.
McAuliffe's two foes in the June 9 primary echoed his proposal, though both Sen. R. Creigh Deeds of Bath County and former Del. Brian J. Moran of Alexandria voted in 2002 to open Virginia to payday lenders.
"They prey on the people in the weakest financial condition and put them in an even worse position," said McAuliffe, a McLean resident and former chairman of the Democratic National Committee.
The proposed ban on payday, car-title and open-ended loans, all of which carry triple-digit interest rates, is included in McAuliffe's latest economic package.
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Thank you for coming out on the right side of this issue. Not only did you do the right thing, but many people will be more interested in your campaign. These loans hurt people and benefit no one except the fat cats that own these cash cows. It is the worst type of exploitation and it is unbelievable that we care so little for our friends and neighbors that we would allow almost a thousand payday and car title lenders to set-up shop on every street corner in our low-income neighborhoods.
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