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It Is Possible To Pay Off Multiple Payday Loans, But 80?
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It Is Possible To Pay Off Multiple Payday Loans, But 80?

Many people today are working 2 jobs and doing everything in their power to pay off multiple payday loans, but could you imagine managing 80? There are new numbers out that are revealing we are headed in a direction we should not be going, and it is getting worse by the day.

New Numbers Released

Money Advice trust is a non profit company that runs a help line for people with payday loan debt troubles, and the numbers they have released today are frightening.

  • Multiple payday loans are becoming the norm, thanks to online companies
  • Some people are managing over 80 loans at once
  • Over 20.000 calls for help in 2012, double that in 2011
  • Calls are up 4200% since 2007 (You read that right)
  • Anual interest rates are exeeding 4000% (You read that right too)

What Payday Loan Companies Say

When contacted for comment about these numbers, the top three companies responded in saying the industry is doing the community a favor by offering a useful service to otherwise strapped people.

Thanks but no thanks!

National Debtline Advisers are taking over 100 calls daily from people with multiple payday loans and have run into several with over 80 loans at once! This can lead to irreversible damage to ones credit.

People Are Fighting Back

This problem is huge in the USA and the UK, and since the governments seem to be bowing to these companies, people are starting to take action themselves.

  • Kudos to the University Of East London for banning all adds for payday loans on campus.
  • Kudos to the consolidation companies who are helping people pay these loans back
  • Kudos to the states that have banned payday loans altogether, which now total 15

Much much more can be and needs to be done. The online companies are going around the laws of the states and many are working with major banks in the USA

These banks are actually are helping these companies take out payments from customers accounts, even after the borrowers have requested this activity to stop. Check with your bank and see if they support this kind of activity, if they do maybe it is time for a change.

Getting Help

The best way to get help with single or multiple payday loans is to contact a payday loan consolidation company as soon as possible and turn these loans into one low easy payment you can afford, and then never use these companies again at any cost!

Don't make the news by taking out 80 payday loans! Instead help put these companies out of business!

Please feel free to share this article and leave any questions and comments below


Street Talk

Thanks for posting these good article of yours, Shawn.!

Reply
  about 6 years ago
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