So many people are screaming out "Help me with my payday loans!" Seems more and more people are getting in over their heads in payday loan debt by the day, and I am not seeing anything changing in the near future.

What is happening?

These loans were designed to be lump sum paid in full loans after a set period of time, usually until the borrowers next pay check. Well, these companies figured out ways to turn this practice into an unbelievably lucrative campaign, like to the tune of 48.7 billion, yes you read that right, 48.7 billion dollars profit in 2012.

Now, keep in mind, when you approach these companies and ask them why the have introduced roll overs, and interest only payments instead of staying true to the original business model, they will tell you that they needed the changes to be profitable. 48.7 billion, now that is what I would say is a bit more than profitable, it borders on criminal.

What is being done?

I will say that I am reading more and more every day about groups and people speaking out on these kinds of practices. Just today I read about the Consumer Financial Protection Agencies outcry for reform.

Not only are they targeting payday loan companies, they are also going after some major banks, including Wells Fargo & Co. of San Francisco, CA that are giving out short term loans and calling them deposit advances. This group claims that these loans are just glorified payday loans.

Will these outcries make a difference?

They will but only if the general public gets on the bandwagon and starts to spread the word about what these companies are up to. With the kinds of profits these corporations are experiencing, they are able to buy backing and buy votes, and this is just not right. We need to speak out and stop using businesses that support this kind of activity.

It is easy to just turn the other cheek and ignore these kinds of problems when they do not personally affect us, but actually look closely at family members and friends, are we really not affected? Do we really want these companies making more profits a year than you or I could spend in our lifetimes? When is enough enough?

How can a person help?

First and foremost, if you have any payday loans pay them off in full ASAP and never do business with these companies again. That will send a message.

If you have out of control payday loan debt get help with payday loans now! Get hold of a payday loan consolidation company so they can put you on a payday loan consolidation plan and freeze your interest and collection activities. They can also wheel and deal your debts amounts down to a realistic number.

Spread the word that we will no longer tolerate being taken advantage of by these kind of black hat practices!

Be Heard!

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