Pay Day Loans can often seem appealing, a $!00 advance on your monthly pay packet for $115 later seems like an appealing prospect, after all $115 advance could save you a $30 bank charge for exceeding your overdraft.
Payday loans are however a big mistake for most people, especially if you can get a normal loan.
Pay day loans tend to charge obscene interest rates, the average being 391% in America, with some in poorer areas charging an amazing 1000% interest over a year.
Compare this to a loan where you will pay at most 14%, or credit cards where you will rarely see above 21% and suddenly you can start to see why payday loans are a really bad idea.
If you went to a shop would you pay $0.35 for an apple or $3.50?
It really is a no brainer, avoid the payday loans, they are a rip off and they do make it incredibly easy to fall into a debt spiral.
Introduction to Debt Consolidation
With a looming recession and people unable to pay off their debts many people are having trouble staying financially stable. There is hope for most people though! Debt consolidation is quite simple taking all your credit card, utility and store debts and consolidating them into a single loan that can have as little as half the interest you were paying before!
Debt Consolidation is easy, cost efficient and can be done by nearly anyone, even with poor credit history! This website aims to tell you how and more importantly WHY you should look to consolidate your debt today.
Debt Consolidation is easy, cost efficient and can be done by nearly anyone, even with poor credit history! This website aims to tell you how and more importantly WHY you should look to consolidate your debt today.
Monday, 30 June 2008
Avoid the Pay Day Loans
Posted by Unknown at 02:47
Labels: Advice, Debt, Escape Debt, Interest Rates, Pay Day Loans
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