Freezing access to credit makes sense. It allows consumers to be the masters of their own financial destiny and promotes responsibility. With the rapid thaw option available a credit freeze is about consumer protection and confidence.

So rather than 780% in interest on a one week $100 payday loan, Delegate Ware wants to increase that to 808.21% APR. I think that Delegate Ware seems to be going to the wrong way - we want an interest rate UNDER three digits, not reaching four. This is a classic example of why Virginia should just cap the rates at 36%.

It is a shame that this needs to be legislation rather than just an internal policy, but Delegate T clearly knows that the best way to make sure citizens know of a service is to put it in the code.