Payday loans continue to thrive as
Americans continue to spend. Saving money for bills or college funds are
replaced by saving for vacation. High end electronics are also getting their
share of customers as people race to the store to purchase the latest version.
In general, there are more people
willing to put their financial matters into trouble in order to "keep up
with the Joneses." Fewer families are putting money away towards long-term
goals. Recession times have created similar results. When times get tough,
people tend to look to treat themselves, to get away from it all. A vacation is
a great way to escape the tough job of making ends meet. It is good to hear
that people are saving for these vacations rather than using a direct payday
loan lender. These short-term loans, when used for the wrong reason, can create
additional problems for an overworked budget.
When there is less money going
around, savings accounts are less apt to get funded. Emergency and unexpected
costs still arise so people are turning to payday loan lenders for support. A
fast money fix to take care of an impending payment is what these short-term
loans provide. More and more people are reporting living paycheck to paycheck
and cannot foresee being financially comfortable. These same people who are
homeowners owe more money towards their home mortgages than they could sell
for. The housing industry has gone through its own downhill slop, and many are suffering
from int. Those which purchased homes at a booming price can now only recover a
portion of their loans. Many of these loans were set with a varying interest
rate and what was once low is now high and becoming an unbearable cost to those
who have no extra funds each month nor have taken the opportunity to save.
* Credit cards are a popular answer.
People get pulled into special sign up rates and spend accordingly not allowing
the reality that promotional savings expire. Monthly costs go up as payments
need to be made.
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