Payday Loans: 4 Major Reasons To Avoid And 6 Steps To Get Out Of The Debt Trap
October 23, 2018 15:51
You’ve most likely seen these signs “payday loans,” “fast money,” “24h loans,” “check cashing,” etc. The lenders try to advertise their service in any possible way (colorful ads online, pop-ups, catchy signs) just to get you on the hook. No one of them will tell you how dangerous it is to get payday loans. Unfortunately, sometimes life forces you to make poor decisions and probably that is the reason why one of ten Americans has tried payday loans at least once in their life.
Yet, popularity doesn’t necessarily imply good quality, or that a service is beneficial in any way. Same goes for payday loans. Even though the industry is around $9 billion in the U.S., taking out this type of loans is more likely to destroy your personal finances in the long run rather than actually help in the short-term perspective. And the worst thing about payday loans is that lots of Americans are forced to roll over (renew) again and again due to excessively high interest rates and fees. What to do in case if you have already stuck in the vicious circle of debts? Here are some recommendations on how to get out of constant payday loans.