AARP.org
Connect with the AARP Community, it's free. Log In Sign Up

shAARP Talk: Observations from AARP

(Category: Financial Security)

Alejandra Owens | June 23, 2008 | 3:55 PM
Alejandra Owens

0 Comments

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.

Leave a comment

Disclaimer: By submitting a comment, you acknowledge that it will be publicly available on this blog for others to view. You are fully responsible for the content that you post, and AARP assumes no responsibility for the messages or content of others. Comments are to be used for non-commercial purposes only. Please behave respectfully to other members of this blog community. Comments are moderated, and will be deleted if determined to be inflammatory, abusive, off-topic, obscene, sexually explicit, use excessive foul language, or are of a personal nature. Please do not post personal contact information and do not impersonate other members of this blog community. We reserve the right to change these rules at any time.