Payday Loans = Debt Trap!

Payday LoansI’ve never had a “payday loan.” Therefore, I’m not an expert in how they work. But being an avid Dave Ramsey fan, I feel they are the biggest rip-offs on the planet.

Do you ever see wealthy people getting Payday Cash Advance Loans? Oh, but they don’t need them, they are wealthy! Well how do you think they got wealthy? Wealth certainly didn’t come by taking out more and more rip-off loans.

As Dave always says, “Do poor people things and you stay poor, do rich people things and you get rich.”

So, repeat after me… “I will never walk into a cash advance or payday loan building!”

(This was a sponsored post.)

7 thoughts on “Payday Loans = Debt Trap!”

  1. They interest rates they charge at those places are beyond ridiculous. I can understand where something like this could be useful as a one time/emergency situation, but you are just asking to get screwed if you make a habit of going to these places.

  2. It looks like the new administration is going to try and eliminate payday loans or at least make it so that it is not profitable.

  3. I am currently trapped in the payday loan cycle. It is nigh on impossible to get out of. If you are thinking of taking one of these out DON’T. They can seem like a life raft when you have no cash but they are not.

  4. I believe if you need some cash a loan is a good way to get you out of a pickle. Just be sure you can pay it back when it’s due.

  5. @Carter: of course you say that because you are selling payday loans. I know of no pickle that is worth the price of a payday loan!

  6. There are a few credit unions for the underserved or low income population. If someone tells you that all low income people can’t manage thier income, then they are telling you the half truth and a half lie. Some low income people can skillfully budget thier money. I wish there where more credit unions like NorthSide Community Credit Union in Chicago and Unitus Credit Union in Portland, OR. Most mainstrean credit unions are for the middle class and wealthy, but low income people are welcome.
    On the following link, watch and hear how North Side Credit Union resuced this young lady from the payday loan trap.

    http://hffo.cuna.org/10014/video/1856/html

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