Debt Consolidation – Watch out for Payday LoansWritten by Charles Essmeier
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into a nightmare. Many borrowers are relatively low paid blue-collar workers who live from paycheck to paycheck. Someone who is a “bit short” this week may also find themselves short again on their next payday. If they fail to pay back payday loan, interest continues to accrue and additional penalties, such as returned check fees, may apply. It is quite common to see loans of $300 or so turn into debts of several thousand dollars, especially if borrower compounds problem by borrowing funds from a second payday loan store to pay loan from first one.
Several states have already passed laws capping interest rates that may be charged on payday loans. Others will undoubtedly follow. A good alternative to payday loan would be to take a cash advance on a credit card. There is usually a fee associated with a cash advance, but annual interest rate, combined with fee, is still a lot cheaper than a loan at 400%. Anyone who is considering taking out a payday loan should read terms carefully. Otherwise, that “loan until payday” could be there to haunt you for a long time.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
| | Hot Penny Stock ........ day trading hot penny stock pick sWritten by Mark Alexander
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