The holiday season has rolled around once again and regardless of whether you are in bankruptcy, this season tends to be a season of stress instead of joy. Americans continue to focus on purchases geared towards their wants instead of their needs. This pattern of spending is exactly what creditors prey on to increase their profits. They spend money designing advertising to convince you through guilt that you really can afford to spend thousands of dollars for unnecessary Christmas gifts. The creditors do not care you are struggling to keep a roof over your head, pay your student loans, and put food on the table all while continuing to pay for your health insurance. The sole goal of the creditor this holiday season is to increase their money by taking yours.
Interest rates as high as 1,500% per year (that's One Thousand Five Hundred percent per year, and yes, we've seen them this high).
Repayment terms that lock you into an endless cycle of borrow and pay that you can never get out of.
Abusive collection practices.
So why do people borrow money from people like this on such outrageous terms? Because, as one blogger put it, "When the landlord is pounding on the door demanding rent, the kids are crying because the kitchen is empty, and the electric company is hauling the meter out of the house for non-payment, what would you do?"
Well, what can you do other than using a payday lender? The answer? Check with a credit union.
By now, most people have become aware of the trap that is the Payday lender:
Their high interest rates! (As high as 643%).
Unfortunately, many desperate consumers in need of money are returning to Finance Companies as an alternative to the Payday lender.
However, the Finance Company,...