Tomorrow Congress is going to take a closer look at payday lenders and their targeting of social security beneficiaries. These crafty and unscrupulous businesses set up shop around government subsidized housing and sometimes even around retirement communities! Generally speaking, I’d say payday loans aren’t the way to go – but they are especially dangerous for Social Security recipients who are bamboozled into signing their checks over to these lenders to settle accumulating debts.
If you ARE dealing with payday lenders never, ever sign over your Social Security checks to a bank account that’s controlled by the loan company. You always have options, so talk to your family about a small loan or call your creditors and explain the situation – many are happy to develop a payment plan that works for everyone.
While you’re spreading the word, AARP will be up on Capitol Hill tomorrow talking about ways to protect ya’ll and your Social Security checks! We’ll keep you posted.
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