- Welcome Guest |
- Publish Article |
- Blog |
- Login
In the Christian religion, and some other Judeo-Christian religions, the concept of “hell” has taken root. Many people fear hell in the afterlife and therefore maintain good relations while they are living. However, the people who are suffering with families every day are in their own type of hell on earth. Payday loan hell is one of the terms used to describe the cycle of pain that people feel when they get stuck with payday loan debt that has high interest rates. Many families use one payday lender to pay off another, which usually leads to a cycle that ensnares them for years.
Entering Payday Loan Hell
Unfortunately, many people do not realize when they are entering into this payday loan trap. Getting a single cash advance for a luxury item or some quick cash is the start of all the trouble even though you may not realize it at the time. Once you do not pay off the debt in the time you are allotted (such as two weeks or a month) then you will really enter the cycle that traps so many innocent American families.
Once a payment is missed, the interest rate on the debt skyrockets. The payday loan lenders almost hope that you can’t meet the first payment so that you start accruing interest rates that are extremely high. In some cases the rates are as high as 4-5000% when payment is not made within the allotted time. For families who needed the initial money to supply their family, there is no way to pay this much money. So the payday loan nightmare begins when they are unable to pay their loan, but instead spend all of their money chipping away at the interest.
The final nail in the coffin is using another payday lender in order to pay the first one. This is a practice that many people use when they realize they owe this much money. However, it is usually not enough money to pay it all off, which means the payday loan problem continues.
Getting out of Payday Loan Hell
Thousands of people are suffering from payday loan hell in America every day. There are families who can barely afford to feed themselves because of the crisis that has struck their family. Although there are ways to get out, it is a difficult road. Try to find a legitimate payday loan settlement program and work with the consolidator to end this hell for good.
Anyone coming to this article from a search and seriously need help with their payday loans please click on the above link and put in a quote request of call us directly at 877 734 6700
Hm. Had not thought of that point - payday loans are indeed designed to almost hope you don't make the payment. As you point out, the high interest makes for payday loan hell. Thanks for an informative article with hope for people who need to find a legitimate payday loan settlement program.
Glad you can see how troublesome these loans really are. People that are struck with these call them hell.
Seems like old systems worked better for people. When people traded, you could trade the timing too. As in pay more of your stuff for getting what you want sooner. Trade 1 apple for one 1 orange now. Or trade one orange for 10 apples later and 1 tree bonus later.
__1410811268_cropped_thumb1.jpg)
I see so many terrible things happen to clients with these loans. From crazy lenders to poor people who can't even pay for their medicines and food.
Excellent article, in my country the government will not allow this type of business to get a licence, i think we are lucky.
Most of these companies have no license either. Many are from Indian reservations so they don't have to follow Federal Law. What country are you in?
Great article, many people fall into this trap. It is good you can offer some help out.
Thank you very much for saying so. We work very hard at what we do. Dealing with unlicensed lenders is almost like taking on loan sharks.
Credit hell is not a great place to live and you have made some really good points here. I dont support the credit cycle of borrowing from Peter to pay Paul either I just band aids the issue, better to get it solved. Gayle
Your so right about that Gayle, you wouldn't believe the stories and sorrow we hear every day from clients.
Thanks Wayne! Hope people who really need the help get to see that there is "legitimate payday loan help" out there.
Some people don't really care...for the love of money. Really sad ...good post David!
The problem is these owners don't care as long as they make billions. And they are literally making billions off these loans. Thanks Divine for making a comment and sharing!
Article Views: 4232 Report this Article