Payday Loans Are Like The Poor Mans
Crack.
You rationalize, "Just one hit
won't hurt", "Lot's of people do it", "It's not
illegal", "I'm a responsible person", "I just really need
some relief and this seems to be the only answer." Then you go into denial
and think, 'I won't get hooked, besides this is the last time.'
I fell into this bottomless pit of
hell about 7 years ago. I can't even remember why I needed the money. It may
have been something like a shut off notice or Christmas or whatever. Anyway,
the thought of getting cash in hand was just too good to pass up. It may have
been just a couple of hundred dollars due on my next payday. No problem. I will
get paid and just pay it back in two weeks. At the time of the loan, they make
it very clear there is a 400% interest rate on these kind of loans. (That is if
there is an outstanding loan with their establishment.) Otherwise, for $200.00
there is a $50.00 interest fee on the loan due on the next payday. I thought,
'Okay $250.00 in two weeks. I can handle that.'
This is the problem. Anyone who
needs to resort to a Payday loan is not making enough money or spending too
much. My credit was shot so I couldn't get a loan any other way. It wasn't
really reckless spending. It was a low-income versus high expenses. It didn't
matter. I had one foot in the grave as soon as I saw that cash counted out to
me over the counter. I was in serious denial. I thought "I'm in control
here", "It won't be a problem."
These Payday Loan companies make it
just too easy to get hundreds of dollars right away. No credit check, no
hassle, and nice attractive people at the counter. When that $250 loan is due
in two weeks, it became another strain on my already busted budget. That cash
relieved my problem a couple of weeks ago, but when the loan is due there are
new problems and the bills keep coming in. I thought, 'Well, this loan helped
me get out of trouble a couple of weeks, so I will pay this one off and get
another one.' But this time it will be for 350.00 plus interest and due in two
weeks. So the cycle begins.
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