Paying The Government
Payday loans or Credit Cards are a huge moneymaker for the government. People need to realize that the reason that the fees on their payday loans are so high, is that the government knows that the average Joe American is either going to overspend, or not have the resources to pay the bills on their payday loans when they are due. The American public is way too concerned with instant gratification rather than the consequences of our actions. No wonder Americans are in debt, and are having problems with payday loans; look at our national debt.
Ross L.
Sellers Payday Loan
I took out a payday loan six months ago- a payday loan I never imagined anyone would have to ever consider. We had purchased a home in the San Diego area, a home that was way beyond our pay scale. The mortgage stretched us to the very limits, but we didn't care. Our payday loans helped us a lot. This home was going to explode in value so quickly that we would be rolling in cash and then we would pay back all our payday loans. Let's just say it didn't quite turn out that way. When the San Diego housing market crashed, it crashed fast and it crashed deep.
Suddenly, our home was worth well over $100,000 below what we paid for it and we couldn’t pay back our payday loans. And then the plot thickened-- I accepted a job in the Midwest, and we had to get rid of the home. Most of our friends counseled us to foreclose, but for us, such an option was just out of the question. Not only would it kill our credit, but also we had promised the bank we would pay back our payday loan, and we keep our promises. So we took out the unimaginable payday loan- we sold the house and took out a huge payday loan to SELL the home! So here we are, paying back a sellers payday loan. But we’ve got our good credit score, we got our integrity, we got a great family, so life is good in the Midwest!
Mike G.
Learning To Budget
When I was young and naive I did get into some payday loan debt; however, my husband's aunt helped me to learn how to live within my means without resorting to payday loans - which was a struggle because my new husband (I was 18 and he was 24 when we first married) was only paid one time a month; I did not know how to stretch his meager salary for seven days without the help of a payday loan - much less 30 days. Thankfully I could confide in this older aunt of his and she taught me about budgeting, clipping coupons, re-using leftovers, and postponing purchases until they went on sales as well as staying away from payday loans.
Though I was lucky, but I’ve known some women who weren’t so lucky. I knew one about 20 years ago, a neighbor confided that she was drowning in debt from credit cards and payday loans. I told her about a credit counselor I knew so she made an appointment for the following week; I will never forget the devastation on her face when she returned. The counselor had told her that she had gotten so far into debt with her many payday loans and credit cards that there was no way to get out from under it.
Then a few months ago I met a woman and her husband; she is too ill to work so only her husband has a job; in fact, he has three jobs - one full time and two part-time. They have 21 payday loans and cannot get out from under them; not one. They keep getting other payday loans to just pay the interest on the payday loans they had before getting the new payday loans. They get their food from local pantries, ask charities to help them with paying their utilities and if they have to purchase clothes - they get them from thrift shops or yard sales. All the income from her husbands jobs go to keeping the payday loan companies from knocking at their doors demanding the entire balances for their payday loans- which on some is as low as $100. Needless to say - this couple is struggling so much they have no joy in their lives as they approach their golden years.
Loretta K.
