Lawyers push lawmakers to cap high payday loan interest rates


THE SHOOTING. NEW THIS MORNING SOME BIRMINGHAM BANKRUPTCY LAWYERS ARE TRYING TO PUSH LAWMAKERS TO DO SOMETHING ABOUT THOSE EXTREMELY HIGH PAYDAY LOAN INTEREST RATES. IT’S AN ISSUE THAT’S AFFECTING MORE AND MORE PEOPLE WHO TURN TO THESE COMPANIES IN TIMES OF NEED. CBS42 NEWS REPORTER BRIT MOORER IS LIVE WITH A LOOK AT THE UPHILL BATTLE TO LOWER THOSE INTEREST RATES.LAWMAKERS HAVE INTRODUCED A BILL TO DO JUST WHAT THE LAWYERS ARE ASKING.. BUT IT’ )S NOT CLEAR IT THE BILL WILL SURVIVE THIS TIME AROUND. THE PARTNERS AT BOND BOTES REESE AND SHINN STARTED A PETITION TO GET THE ATTENTION OF STATE LAWMAKERS. THEY’RE ASKING FOR A CAP ON PAYDAY LOAN INTEREST RATES AT 36-PERCENT. RIGHT NOW, INTEREST RATES ON PAYDAY LOANS AVERAGE ABOUT 300-400 PERCENT. WITH ALABAMA HAVING SOME OF THE NATION’S HIGHEST RATES. MANY OF THE PEOPLE WHO TURN TO PAYDAY LOAN COMPANIES ARE IN EMERGENCY SITUATIONS AND NEED MONEY FAST.. ATTORNEY ROBERT REESE SAYS THEY HAVE A USE BUT THEY SHOULD BE FAIR.

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