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Senator proposes alternative to payday loans

In a proposed bill, U.S. Senator Sherrod Brown suggested allowing families to withdraw money they would have received on their tax return, thereby allowing them to avoid the high interest of predatory payday loans, 1370 WSPD reported on January 19.

According to the proposed bill, instead of resorting to payday loans, which quickly sink many families into debt as they struggle to pay on interest, employees who qualify for Earned Income Tax Credit (EITC) may acquire cash advances from their employers, which would then be withdrawn from their tax return. Senator Brown’s move reportedly would help millions of Americans burdened by debt from short-term loans. Employees may get a cash advance for as much as $500. The cash advance to employees would be paid by the Internal Revenue Service (IRS) to the employer.

In Birmingham alone, the legal team of Greenway Bankruptcy Law, LLC, understands that many employees are burdened with debts from the high interest rates imposed by payday loan companies. If you are in such a situation, our lawyers may also offer you legal options to alleviate your financial problems. Call our office today at (205) 324-4000 to find out how we may work for you.

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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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