Have you been scammed by the cash advance--pay day loan companies?
@beautyqueen26 (16030)
United States
June 22, 2007 3:03pm CST
Awhile back I saw a report on TV how many families are getting trapped into the cash advance or payday loan and been unable to get out.
These companies get you hooked in with easy money and then start charging high interst and fees if you're even a day late.
The families that use this program of advanced money have to keep borrowing money every month just to make up for the shortage from the month before. And, the cash advance loan people aren't helping with their huge loan fees.
Have you ever gotten into a situation like this? Do you know anyone that has? What did you do to deal with the situation?
1 person likes this
3 responses
@SereneDragon (188)
• United States
22 Jun 07
Last year around Christmas time I carried 6 pay day loans to be able to pay for presents. Absolutely ridiculous, I know. I finally paid the last one off in April (those high finance fees just killed me!). I have learned my lesson--No more pay day loans!
@beautyqueen26 (16030)
• United States
28 Jun 07
Same thing happened to me, except with credit cards. One of my credit card bills was $100 and the interest was $89. That means, I was only paying $11 toward reducing my debt. It made no sense at all. I am so glad that time is behind me. I'll never do that again.
@thrwbckjay67 (2870)
• United States
22 Jun 07
You know, I have used them on occasion when I was living on my own during college, but I was able to not have to fall into the trap of covering myself over and over. I ended up saving some money from the next month and then only needed to do it twice before I could pay it off and remain comfortable. I have seen people fall into the trap very deep, so I didn't want to follow those people.
