Okay – I admit іt… I wаѕ low οח money (very low) one week аbουt 10 months ago – I took mу paystub, mοѕt recent bank statement, blah blah, etc, etc tο tһе nearest “Check N Gο″ аחԁ ɡοt аח advance. Wһісһ, naturally I һаԁ tο pay back tһе next time I ɡοt paid… well, tһаt payback took a HUGE chunk οf mу check, ѕο іח order tο һаνе enough money tο pay tһе bills I һаԁ tһеח, I һаԁ tο re-loan… аחԁ tһаt υɡƖу process һаѕ bееח repeating еνеrу 2 weeks еνеr ѕіחсе !! I’m SICK οf іt!! I pay back tһе money (іח cash – plus fees) аחԁ ɡеt back tһе cash again аftеr signing mу name a few dozen times… аחԁ еνеrу 2 weeks tһе fees аrе $60 – ѕο tһаt’s $120 a MONTH !!! Tһаt сουƖԁ bе grocery money… οr tһе electric bill… I really саח′t afford іt anymore… Bυt һοw саח I ɡеt out οf іt without being totally brοkе fοr 2 weeks?
8 Responses to “How do I get out of the payday advance trap?”
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Try living within (or below, if necessary) your means.
My daughter works for one of those places. Call them and tell them you cannot afford the payment. They often work with you and lower it so you can pay it off slower. That is the most dangerous thing to do because you cannot get out of it. It takes all of your money to pay it back then you have to borrow more just to get by. If they don’t want to work with you then call a credit service. The most reputable one I know of is Consumer Credit Counseling. They make payment arrangements for you and get rid of the interest and late fees.
Those loan sharks got you sucked in pretty good! You have to bite the bullet. Do without a lot of things – for those two weeks. They love suckers like you. Sorry to use that expressions.
Look – the world does not end if you have to stall on a few bills. Try to get by on the minimum. You will survive those two weeks!
i work at a similar place and basically if you want to get rid of that debt next time you go in pay it back and reloan it but do it for $25/$50 less and keep decreasing the amount until its not overwelming
Get a part time job and pay off the loans. You’re right, you’ll never get ahead this way.
Get your hands on Dave Ramsey’s book: The Total Money Makeover. And by all means, don’t spend $20 on it. Pick it up at the library.
This book will change your life. It’s a short book and an easy read. Please trust me on this.
Payday loans are EVIL!!!!!!!!!!!!
Never borrow money again. Stop believing the lie! You don’t need good credit. You don’t need debt.
Try a debt consolidation agency who can actually negotiate with your lender and AT NO CHARGE for you.
I tried it before and they did help me with a considerable debt I had in the past.
Hope it helps!
Here is a good one: http://www.consolidationdirect.com/
The problem with payday advance or loans or credit cards or whatever is spending tomorrow’s income before we even earn it. That’s not a good way to live and it’s showing we have expectations of yourself to buy what we want whether we need it or can afford it because we can always repay it on payday. As you see, that’s not a good way to live. Don’t beat yourself up over what you’ve done but learn from it. Your central goal right now has got to be repaying that debt in full as quickly as possible. That might mean cutting back on things or temporarily making extra money on the side. That payday advance MUST be your priority. Do you have things that you can sell (ebay or yard sale)? Every little bit helps… $5 here and $10 there adds up. Can you cut back on cable channels or cell phone services for a couple of months? Can you babysit one night a week for a neighbor? Can you have hot dogs instead of going out to eat one night? Remember it’s all about paying for needs instead of wants. Don’t get yourself back in the loop of getting another loan to pay the loan that pays the loan, etc. Work on getting out of the cycle before you get run over by it. If you can’t have the best of everything, make the best of everything that you have.