Title-pawn stores ‘keep the indegent poor. ’ Who’s protecting Georgians from financial obligation traps?
Lease was due quickly but Brian McGhee could maybe maybe not manage to spend it. The barber handed over the title to his automobile and borrowed money against it. McGhee, 36, went to a title-pawn company, one of many dotting the landscape along thoroughfares in Middle Georgia like many Georgians under financial duress.
The shops can be found in nearly every tiny city between Macon and Columbus. Along side check-cashing stores and tiny creditors, they’re nearly since pervasive as fast-food bones.
By capping the attention prices that may be charged to users of the military, federal legislation efficiently places them off-limits to title-pawn organizations.
Everybody else, though, is reasonable game.
“In the finish, you really see what’s taking place, ” said McGhee, whom stumbled on the cool understanding that none of his four payments paid down the key amount he owed.