Watch the video below to learn more about the Predatory Debt Collection Protection Act.
In Arizona, interest rates of medical debt can increase by as much as 10% per year, every year.Families can lose their homes, cars, or have their wages garnished by predatory debt collectors – even if they’ve done everything right.
The Predatory Debt Collection Protection Act fixes these problems by:
- Protecting more assets from being sold to pay off debt collectors.
- Ensuring hard-working Arizonans keep more of their bank accounts and wages.
- Limiting the outrageous interest rates that trap families in an unending cycle of medical debt.
It’s no wonder that organizations from across the state have signed on to endorse our initiative.
Let us know if you’re ready to learn more about how to protect Arizonans from predatory debt!
As an expert in consumer finance and debt collection practices, I've spent years researching and advocating for fair debt collection regulations. My knowledge extends across various state laws, federal regulations, and initiatives aimed at protecting individuals from predatory debt collection practices.
The article you mentioned addresses critical issues concerning predatory debt collection, particularly in Arizona. The Predatory Debt Collection Protection Act targets several key aspects to alleviate the burdens faced by families trapped in cycles of debt:
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Interest Rate Cap on Medical Debt: In Arizona, medical debt interest rates can soar by up to 10% annually, creating an unmanageable burden for many households. The proposed Act aims to limit these exorbitant interest rates, preventing families from being ensnared in perpetual debt cycles due to medical expenses.
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Asset Protection: The Act seeks to safeguard more assets from being seized and sold off by debt collectors to repay outstanding debts. Families often face the risk of losing their homes, cars, or having their wages garnished, even when they've diligently tried to manage their debts.
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Preserving Bank Accounts and Wages: Hard-working individuals in Arizona stand to benefit from increased protection of their bank accounts and wages. This provision is crucial to ensure that families can sustain their livelihoods without the fear of aggressive debt collection practices stripping away their financial security.
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Endorsem*nts and Support: The article highlights the significant endorsem*nts received from various organizations across the state. These endorsem*nts signify widespread recognition of the Act's importance and the urgency to address predatory debt collection practices.
By focusing on these core elements, the Predatory Debt Collection Protection Act aims to provide a comprehensive solution to the challenges faced by Arizonans dealing with overwhelming debt burdens. The Act's multifaceted approach, encompassing interest rate limitations, asset protection, and preserving income, demonstrates a concerted effort to address the systemic issues surrounding predatory debt collection.
If you're seeking more information on protecting Arizonans from predatory debt practices or understanding the nuances of this Act's implementation, I'm prepared to delve deeper into the specific provisions, legal frameworks, and potential impacts of such legislation.
