Topic: Looking For Money To Payday Loans With Savings Account - High-Interest Lenders Tap Elderly, Disabled - Wall Street Journal
Many had borrowed money from Small Loans and turned over their Social Security benefits to pay back the high-interest lender. Such lenders are increasingly targeting recipients of Social Security and other government benefits, including disability and veteran’s benefits. The Social Security Administration says it doesn’t have a problem with lenders capturing Social Security checks of disabled or orphaned children as long as the benefits money ultimately goes to the “current needs” of the child. Although federal law says creditors can’t seize Social Security, disability and veteran’s benefits to pay a debt, enforcement of the law is scant, and many Social Security recipients are unaware of their legal rights. Learn more
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