Payday loan debt help is available in more and more states, counties and cities, and Alabama is doing it’s part.
Seems so far there have been 18 Alabama cities that have passed laws making payday loans more manageable by the general public, and Decatur has joined the movement.
We can thank Sen. Arthur Orr, R-Decatur for introducing Bill 410.
This bill would extend all payday loan due dates to 6 months, giving people more time to pay them back.
Every little bit helps, and this Bill is just another example that people, have had enough of being taken to the cleaners by these companies.
Need help with payday loan debt?
While this Bill is a good thing, as in any legislation that makes this kind of debt more manageable, it could have been written better.
It does extend the due date of payday loans to 6 months, giving the borrower more time to pay back the loan.
What it does not address is the high interest and the ability to take out multiple loans, which are the two biggest causes of people getting caught in the payday loan trap.
many cities have jumped on the band wagon and written new legislation dealing with these loans.
Muscle Shoals is thinking about introducing a Bill that would limit where and how many payday loan store fronts may exist in certain areas.
We salute Senator Orr and any other elected officials that are standing up and looking out for their constitutes.
So many politicians have had their campaigns financed by companies like these, and to see others fighting for what is right is very encouraging.
Alabama and New York State seem to be taking the lead on introducing these kinds of changes, and it is strongly advised to keep an eye on those elected officials who oppose this kind of change.
Could these politicians be looking out for their backers rather than for the good of the people?
I would love to hear your views!
Return to the top of this page