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Bills seek to limit payday and title loan interest rates

Laws to regulate high rates of short-term loans and title loans were recently presented in an effort to keep people from being trapped into paying off debts with high interests.

Rep. Patricia Todd, D-Birmingham, who introduced the bills, said a cap of 36 percent will be put on payday loans and title loan businesses and  limits will be made regarding what can be done with repossessed properties. Supporters of the bills said short-term loans trap low-income earners into a debt cycle that can have serious effects on their finances. On the other hand, opponents of the bills said the 36 percent interest rate is reasonable to maintain business, claiming short-term loans require higher interest rates.

The bills have drawn support from those seeking to address the problem of payday loans’ high interest rates that trap low income earners.

If you are in debt and are wondering what your options are, such as applying for a payday loan, consider speaking with a lawyer from Greenway Law about your debt negotiation options. Learn more about how to address your debt by calling (205) 324-4000.

 

U.S. regulators considering payday loan changes

To lessen the high interest rates of short-term loans that put consumers in a debt cycle, Federal regulators said recently they are going to impose gaps between loans.

New guidelines will be issued to banks today by Federal Deposit Insurance Corp. and the office of the Comptroller of the Currency similar to early payday lending rules. In a study done by CFPB, they are also considering instigating a mandatory gap in between loans. According to the new rules, banks will now measure the borrowers’ ability to repay the loan, disclose an annual percentage rate for the loan, and wait a billing cycle to ensure the consumer will pay off old loans before getting a new one.

CFPB Director Richard Cordray said consumers are at risk in using short-term loans because it can cause long-term debts.

When facing mounting debt, it can be overwhelming and stressful, especially if you feel you have no options. However, the legal team at Greenway Bankruptcy Law, LLC, can evaluate your situation and help you choose the best option for getting out of debt. Call (205) 324-4000 today to speak with a knowledgeable representative.


Bankruptcy exit plan to be filed by Jefferson County in June

A recent report stated that Jefferson County plans to file its plan for addressing its debts and how it will exit bankruptcy on June 1.

County officials said on March 12 that they hope to present a plan that receives the approval of sewer creditors, but were also considering using “cram-down” power, in which a repayment plan can be approved by the court against the will of dissenting creditors. But Chief U.S. Bankruptcy Judge Thomas Bennett, who is overseeing the case, must confirm the adjustment plan.

At least two consenting impaired classes of creditors needed for the “cram-down” are believed to have been secured by the county.

Mounting debt is something which even government entities can face. Fortunately, any party who is experiencing high levels of debt that cannot be paid has numerous options available to them, such as filing for bankruptcy. To learn more about your options, whether as an individual or a company, for getting out of your debt, call a lawyer from Greenway Bankruptcy Law, LLC, at (205) 324-4000.

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505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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