West Virginia AARP members are extremely concerned about the possibility of businesses misleading or taking advantage of consumers, identifying in particular telemarketers, pharmaceutical companies and payday lenders. Of those surveyed...
- 36 percent say they believe they have been victims of a consumer swindle or fraud. Of these, 43 percent say they were contacted via telephone.
- 71 percent support legislation to eliminate payday lenders.
- 60 percent or more support consumer protection measures for those who use payday loans. These safeguards include requiring reasonable loan terms (83%), prominently displaying fees (82%), and limiting annual interest rates (66%).
- 68 percent or more support each of four proposed consumer protection measures: considering the borrower's ability to repay (75%), limiting the number of up-front interest points charged (71%), requiring a minimum notice of foreclosure (70%), and prohibiting excessive pre-payment penalties (68%).
- 68 percent or more rate the following as top or high priority concerns: Identity theft (85%), telemarketing (82%), payday loans (72%), home repairs (70%), and home financing (68%).
This mail survey of 1,125 AARP members in West Virginia was conducted by AARP from March through May 2003. For more information, contact the report's author, Erica Dinger, at 202-434-6176. (24 pages)