New research from the Consumer Financial Protection Bureau shows just how easy it is for cash-strapped borrowers to get sucked into a vehicle title loan debt trap.
Auto title loans share many of the same nefarious qualities that have made their cousin, the payday loan, such a hot target for regulators. Both products are fueled by triple-digit interest rates (except in states where they are either banned or have specific interest rate caps) and are issued without taking into account the borrower's ability to repay the loan. While payday lenders use a borrower's proof of income (like a pay stub) to underwrite their loan, auto title lenders use a borrower's car as collateral.
http://finance.yahoo.com/news/payday-auto-title-loans-CFPB-211701904.html [..] read more
What if someone told you Charlotte could lift 33,000 of its residents out of financial distress, cutting the poverty rate by 25 percent?
Nice dream, many would say.
After all, our number of people in poverty grew faster than the overall population from 2009 to 2014. This despite the fact that the regional economy expanded by $15 billion in that time.
Still, researchers at the Center for Neighborhood Technology say that 25 percent reduction is not a pipe dream.
http://www.charlotteobserver.com/opinion/editorials/article96486687.html#storylink=cpy [..] read more
When a low-wage worker with little to no savings comes face to face with an emergency expense, there aren't a lot of options to acquire funds to pay the bill.
Click here to read the article. [..] read more
Goodwill Opportunity Campus announces partnership with Common Wealth Charlotte
Goodwill Industries of the Southern Piedmont announced Thursday that four nonprofits will open full-time offices at its new $22 million Opportunity Campus, a groundbreaking project in west Charlotte that will house job training, job placement and job creation enterprises spread across 18.5 acres.
Click here to read the entire article.
[..] read more