If you're like most people, you don't want to waste your money. That means you cash your check at a bank where you don't pay a fee, you look for the best retail prices and use coupons when available, and you search for the best interest rates for credit cards and loans. But what if you have bad credit or no credit? Where can you go for help?
Are Payday Loans Replacing Conventional Loans?
Payday loans seem to be one answer as large, previously overzealous lenders become shy in these tough financial times. And predatory cash advance lenders are only too happy to step in and provide their own brand of payday loan help. Only it's not really help when the borrowers find themselves paying exorbitantly high fees (think 400 percent of more) for a short-term (think two weeks) loan that is only supposed to fill in the gap until their next paycheck.
The problem is that despite the government's bailout of large financial institutions, bank lending has declined (along with the economy) so many homeowners have turned to payday loans for financial assistance only to wind up needing help to get rid of payday loan debt when they find themselves spinning out of control due to the vicious PDL borrowing cycle. And things are not likely to get better any time soon.
According to a recent Phoenix Management "Lending Climate in America" Survey (The Free Library, "Lenders Forecast Economic Recovery in 2010," May 2009), the estimated time for any real benefit of the bailout to be seen by consumers is not until mid-2010. But who can wait that long? So that's why payday loans have become so popular. And that's also why help with these type of loans has become so critical.
Helping Yourself in Tough Financial Times
The reality is that sometimes people need a helping hand. It may be for a week or two or a month or two. It would be great if everyone had a rich uncle who could help out. Unfortunately, sometimes the only solution is a payday loan. When that is the case, it is equally important to know where you can turn if you need to stop payday debt trouble. That's when it is time to seek out a payday loan counselor or debt solution specialist.
Debt solution specialists, such as the folks at Relief, LLC know all about settlement laws and negotiations and can work with your payday loan lender on your behalf to stop harassing phone calls and get you a fair and equitable settlement all while saving you time and money.
The good thing is that you don't have to worry about the stress of dealing with the payday loan lender anymore because the debt solution specialists are the ones who handle that for you. You can focus on the more important things in your life such as your job and your family.
Everyone occasionally needs assistance. And for some that just may mean obtaining a payday loan. However, before you decide this is the way to go for you, consider your options such as borrowing from your family or getting a pay advance from your employer before choosing to get a payday loan. In addition, know what you will do if your need to stop payday loan collectors from harassing you.
0 comments:
Post a Comment