Social critic criticism.... Title Loan stores

Ramon Ramos
   With a average annual interest of 234 percent title loan stores are popping up everywhere screwing the consumers who desperately need loans to get through life. No other business plan exploits the poor and only a crooked political class made up of lawyers and wealthy business plan would allow these businesses to operate to make life more difficult and raise the debt of their fellow citizens. A congress that worked for people would put an end to these practices and stand up to the loan lobbyists whose costs to lobby exacerbate the situation and the resulting loan interests to be so high for these desperate consumers that have to put up their automobile and their only access for mobility in a ever increasing sprawl environment for the nations underclass.

 States need to take these campaigns and the fight against these predatory loan sharks in their legislature that increase poverty and dependence on government services. A cap on interest would be a beginning and perhaps a raise in rents to an interest rate that these Title Loan businesses force on their customers would also hasten the demise of these businesses and their ugly locations that are taking over suburban streets and boulevards instead of enjoyable businesses such as bakeries and restaurants that only here's this word again... exacerbate the decline of living standards and an areas appreciation. value.
   A study by the Illinois Woodstock institute and Illinois asset building group concluded people in the state are averaging 3000 dollars in fees for auto-title loans that are roughly three times the amount of the loan. A pew study found that two million Americans take these high-interest loans with ten percent seeing their cars repossessed as these loans are often taken out by people with low-incomes and no other way to credit. The Consumer Protection Finance Bureau needs to bring out new rules to end these entrapments and abuses in the short-term loan industry but they don't have the power to cap interest rates which have done more to make people further into debt than they needed to become thanks to these loan sharks that are no different than legalized robbery.