@protectborrowers.bsky.social
Protect Borrowers
@protectborrowers.bsky.social
Protect Borrowers (fka—SBPC). We protect people from predatory lenders & fight for an economy where debt doesn’t limit opportunity. 🗞️[email protected]
@protectborrowers.bsky.social@protectborrowers.bsky.social⭐️New from our legal dir. Winston Berkman-Breen & ED Mike Pierce: @mayor.nyc.gov & CM Epstein understand the power of corporate influence & the corrosive effect it has on our democracy.
The POWER Act shares a unifying principle w/ much of NYC's work to hold corporations accountable.
@protectborrowers.bsky.socialGreat reporting via @usnews
@protectborrowers.bsky.socialA wave of student loan borrowers are about to encounter the financial equivalent of a warm bath followed by a cold plunge. "[This] basically forces people to trade student loan debt for debt to the IRS & really cuts against everything IDR is supposed to be about,"- Jennifer Zhang/Protect Borrowers.
@protectborrowers.bsky.socialCheck it out here:
@protectborrowers.bsky.socialBOOKMARK THIS!!! @warren.senate.gov launched a "Trumpflation Tracker" today - a tool to monitor the affordability crisis Americans are experiencing in Trump's economy.
It tracks inflation, wage growth, job growth, debt, & how much Trump’s failed promise to cap credit card rates is costing families.
@fobaction.bsky.socialReposted by @protectborrowers.bsky.socialHEADS UP: Over the next decade, 2 to 3 million Americans who earn student debt cancellation after making payments for 20+ years could be hit with a massive "tax bomb" because of Trump's Big Ugly Bill.
@protectborrowers.bsky.socialWant to see how much borrowers in YOUR state could pay? See our Substack with @fobaction.bsky.social breaking down top findings from the report: indebt.substack.com/p/trumps-one...
@protectborrowers.bsky.socialWant to see how much borrowers in YOUR state could pay? See @jennzhang_’s recent piece on IN DEBT where she breaks down top findings from the report:
@protectborrowers.bsky.socialMany borrowers worry they’ll never pay off their loans. Now, they worry about a tax bomb if they do reach relief. One borrower facing a $112K tax bill this year told us, “I’m close to taking Social Security. I will never be able to pay off this tax bill in my lifetime.”
@protectborrowers.bsky.socialLower-income Americans would also see the largest increases. Single borrowers w/o children could see ~1 out of every 4 dollars of their salary go toward taxes. After Social Security, Medicare & state taxes, their take-home income could be cut nearly in half.
@protectborrowers.bsky.socialBorrowers in the South would see the largest tax increases. Married borrowers w/ two children in Louisiana, Mississippi, Arkansas, West Virginia, Oklahoma, and other southern states could see their tax bill increase by $5,000-$12,000.
@protectborrowers.bsky.socialTrump’s OBBBA gave tax breaks to billionaires and mega corporations … and a “tax BOMB” for many working families with student loans. Some borrowers could see their tax bills DOUBLE OR EVEN TRIPLE. Most of them earn less than $60k /year and have almost no savings.
@protectborrowers.bsky.socialFull report: https://protectborrowers.org/resource/fleeced-at-the-finish-line-the-tax-bomb-coming-for-idr-borrowers/
Press release:
@protectborrowers.bsky.socialNEW MAJOR REPORT OUT by @jennzhang_: student loan borrowers who earn IDR cancellation could be hit with a $𝟏𝟐,𝟎𝟎𝟎 tax bomb. This could affect 2-3 million borrowers over the next 10 years. Congress must act. 🚨💰🆘
@protectborrowers.bsky.socialRead more: www.nyc.gov/mayors-offic...
@protectborrowers.bsky.socialNew Yorkers can't sue a company over abusive practices. @mayor.nyc.gov & @hellodcwp.bsky.social's POWER Act would change that.
Our legal dir. Winston Berkman-Breen in the announcement: "The POWER Act offers relief & fills this accountability gap by mirroring protections at the local level."
@protectborrowers.bsky.socialPrivate hospitals can sue, garnish, & seize assets over medical debt. 81% of voters want to ban medical debt credit reporting. 90% want limits on debt collectors seizing homes & cars. Thankfully, states are stepping up to protect families & shut down abusive collection tools.
@protectborrowers.bsky.socialTrump's One Big Beautiful Bill is spiking monthly student loan payments for parents across the country, causing major financial distress for their families. Read some of their stories:
![Story submitted by a parent from Minnesota: "As I'm rebuilding a future for my daughter and myself, I am greatly distressed, disappointed and saddened by the increase in monthly [student loan] payment... I really hope the decision makers will do something about this, there are millions of people who are already struggling with the rise on cost of living, we simply cannot afford the new amount."](https://cdn.bsky.app/img/feed_fullsize/plain/did:plc:nxplpfqvshf7ugncsoqbd3xk/bafkreibzzcfnpak7oxkz5ugwmzn24cn2dwdvc3jyiw4kvu7sbx4nphqkxi@png)
![Story submitted by a parent from Michigan: "[My higher student loan bill] means I have less money to provide my daughter with extra supports for her new diagnosis... I have to put my dental appointments off in order to ensure that hers are done. I haven’t visited a podiatrist for the cracked and bleeding callus on my foot because I can’t afford the out of pocket specialist visit costs..."](https://cdn.bsky.app/img/feed_fullsize/plain/did:plc:nxplpfqvshf7ugncsoqbd3xk/bafkreihuctzyuxygx3cvcaeozkqjvsaianx25lrshuxvy7uojnmpvpycru@png)