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Proposed Regulations Could Cut Access to Credit!
By Adam Brandon on January 18, 2008
There are a few hard truths about life the Virginia legislature would like to ignore. It would be nice to think that everyone has plenty of money all the time and that no one ever has trouble making ends meet. As some people know all too well, there can come those times in life where you have to choose between paying the rent or paying the gas bill, buying the braces your child needs or filling the gas tank. Times can be tough.
All of this can happen to the best of people who are suddenly faced with a cash flow problem. And for those rough patches there are services that can loan relatively small amounts of money to those who need it and who otherwise don’t qualify for more traditional means of credit.
One option, “payday advances,” may carry higher interests rates than a typical credit card or a line of credit form a bank, but for thousands of Virginians, these small, short-term loans provide credit that may not be available from other sources.
Unfortunately, the state of Virginia doesn’t see how important a paycheck advance can be to a family. Even worse, the state of Virginia believes that they can make personal decisions better than their own citizens! The legislature is currently pondering over 20 bills that would effectively eliminate the use of payday advances through cumbersome regulation. TAKE ACTION! and tell them not to limit financial choices for Virginians.
Even if you don’t utilize payday advances, limited government advocates should be appalled by this “nanny-state” mentality. The state of Virginia has no business getting in the way of voluntary transactions.
TAKE ACTION! Tell your delegates to focus on the real issues facing Virginia, not on creating more regulatory hurdles that stifle the free market!