The most expensive type of short term financing is getting more expensive in North Carolina. Targeting consumers who are desperately trying to make ends meet, these lending companies pay millions to influence the North Carolina legislature. The result is higher interest rates, more fees, and much larger profits for the companies.
As an Asheville bankruptcy lawyer, I have witnessed first hand the damage these loans can cause.
High-priced subprime loans rarely solve financial problems.
This article about increased subprime lending costs in North Carolina indicates that Thom Tillis, a candidate for Senate in the upcoming election, takes large campaign contributions from these subprime loan companies.
In the Asheville area, Springleaf Financial and One Main Financial are two companies benefiting the most from increasing fees for people in desperate need of a financial solution. Subprime signature loans rarely deliver permanent relief or the financial solution people are looking for.
If you have a high-priced loan, or are considering taking one out, I strongly recommend figuring out if you have any better options. If you live in Western North Carolina, I would be pleased to speak with you during a free, initial bankruptcy consultation where we can review your options.
