Author: intadmin

The Payday Loan Debt Crisis

The United States government has again issued consumer warnings about payday loan debt through the Federal Trade Commission. The FTC again warns that borrowers taking out cash advances will face “inflated fees”. What’s more, if borrowers don’t repay their cash advance loans in a timely manner, they will likely be targets of “unlawful threats”. Along with the US government, there are a number of payday loan debt consolidation companies sending out warnings stating the same thing.

The Payday Loan Debt CrisisThese firms work daily to consolidate payday loan debt for hundreds of borrowers. And like the FTC, hear on a regular basis about harassing collection calls as well as other strong-arm collection tactics such as wage garnishment and bank levies.

Payday Loan Consolidation

It’s not enough to issue warnings as so many consumers either do not get the message or refuse to believe the extent of the trouble associated with cash advances. Because there are options for payday loan help debt consolidation, consumers might believe nothing bad can happen.

But here’s why borrowers end up having to consolidate payday loans: they become trapped in a cycle to which there is no end in sight.
Say a borrower takes out a $400 cash advance. He or she will get about $380 in cash after processing fees. But will owe $480 in principal and interest in just 14 short days. And that’s not nearly enough time to save-up almost $500 and still have enough for living expenses.

Getting Out of Cash Advance Debt

Not only is the federal government continually sending out consumer alerts about payday lending, states are likewise issuing warnings as well as enacting laws. There are nearly 20 states which have outright banned cash advance companies or restricted by extensive regulation. However, consumers in these states still have access to these short term loan products through the Internet.

Payday Loan Consolidation, Is it Right for You?

Payday loan debt puts a strangle hold on many consumers. The promise of easy money without having to wait days on end for approval makes it too tempting for consumers who need cash right away. The fact is, cash advance lenders want their loan products to appear as though it’s easy money. The slick advertising campaigns on television, radio and in print don’t come with a big warning sign. But they ought to and here’s why.

The Payday Loan Debt Trap

Payday Loan Consolidation, Is it Right for You?Many consumers who’ve not taken out a cash advance loan don’t know about the payday loan debt trap. That cycle of having to roll over a loan every couple of weeks because it’s too much to pay back the principal and interest.

Here’s how the payday loan debt trap works. A consumer applies to borrower $300. But after fees, receives $280. In two weeks, the approved amount–not the net cash received–of $300, plus interest is due. Usually, this will come to $360. And that’s a lot of money to come up with and still have enough for living expenses–that’s the debt trap.

How USAsLoansNearME Payday Loan Consolidation Helps

Given the above example, it’s easy to see why borrowers choose to pay a fee to extend their loan rather than pay it off. But paying a fee roll over doesn’t do a thing to lower the principal and interest. So many borrowers wind up rolling over their loan more than once. If the borrower in the example above rolls over their loan just two times, the $280 cash he or she received initially will wind up costing $480.

But if the borrower makes an even worse decision as is talked into taking out a larger loan to pay off the smaller loan by the lender, then the problem only gets bigger. Unfortunately, many borrowers find themselves in this very situation.

To break free of the payday loan debt cycle, it’s best to get a group of professionals on your side. And that’s where consolidating payday loans comes in. An experienced and solid payday loan consolidation team will negotiate with your lenders to get you out of debt.

All you have to do is sign up for a program. After that, the payday loan consolidation team will go to work to help you get out of debt, once and for all.

I would still insist he follow up with a doctor

Has he had heart testing done recently? I ask because I literally witnessed a woman having a heart attack at work a few weeks ago….pain and trouble breathing for just a few minutes.
Daughter of the woman said her mom had heart testing within the past year and everything was fine, but was worried about this episode.
Meanwhile, while the mom was having the shortness of breathe, etc…..I had called the ambulance.
By time they got there—the mom was feeling better—but they insisted she go with them—just to be on the safe side.
I figured they would take the mom to the hospital, run some tests, and all would be okay….
However— Daughter dropped a note card at work the next day— the mom had surgery due to 90% blockage and was now recovering in the hospital !!
Point being—had I not called—-the mom would have passed soon without ever knowing….because after a short attack—she felt just fine.
Again—after a short attack—this woman looked just fine and was ready to finish her shopping….
Ever since this episode—I have been working on getting healthier myself… Before I had wanted to. Now, I realized I NEED to……heart conditions run in my family…..and I want to be around for as long as I can.
PLEASE have him follow up on this—better safe than sorry,

What a relief that the episode is past!

And yea, I think I would have smacked him around at least a little, just on general principle. Husbands don’t get permission to scare wives like that. Not without some consequences. As for the soggy sleeve, well, he deserved it. Here’s hoping you folks have a quiet, uneventful evening and that he takes his medicine on time and starts feeling better.

Although I may whip him

By the time they got to the ER his breathing had returned to as normal as the pleurisy would allow and the pain had lessened. He refused to go in. He’s taller and heavier than ds, so ds couldn’t force him to. Ds called me and dh and I had “words”. He still refused to go in, insisted it was just a spell and told ds to bring him home. I told ds that he could head for home with him BUT if there was one wince of pain to turn around and get male nurses to bully dh into er. They came all the way home and dh took his pain pill that he was a little past due to take. He’s sitting on the sofa now, breathing ok, but still in pain from the pleurisy.
We’ve told him one sign of another spell we are taking him to the hospital in the closest town—this is a MAJOR threat, I wouldn’t even take my animals there—long story. He’s also been royally chewed out both by ds and me for being stubborn.
Thanks everyone for the prayers, I completely believe that is what returned his breathing to normal and lessened the pain.

One big idea – seek out and recruit stay-at-home-mom’s

SAHM’s. I was going through a LOT of SAHM websites looking for jobs when I was first laid off, and NEVER saw mystery shopping companies listed as possibilities.

Another big idea – in whatever ads are being run, work hard(er) to show somehow that these are legitimate work opportunities, rather than “stuff envelopes and get paid for it” type scams. There are so many scams out there right now, and I think most of us have gotten scam-type emails about “earn money as a mystery shopper!” that it is easy to see how folks would almost categorically ignore a legitimate job posting. Perhaps testimonials from folks like yourself, or being listed with the BBB, or local Chambers of Commerce, or something to prove that this is a legitimate work opportunity.

Third, give folks a reasonable range of income possibilities, and a reasonable description of how much time they would have to put towards any given assignment, then how much they’d earn. Alternately, provide hints for how to maximize the earnings, and/or minimize the time/expense for doing the assignment.

You know, you’re such a good blogger already, you could also write up a few blog entries (or maybe you have them already) talking about how to be a “successful mystery shopper”, and/or offer to host an ongoing “how to many money at mystery shopping” newsletter for that company’s employees. That would show not only your creativity (which we all know you have in a-plenty) but also that you’re willing and able to DO something with it, to help other employees and the company itself.

Anything to help the mystery shopper employees make more $$$, while improving the company’s image and bottom line, has got to be a win/win for everyone. I’ll bet you’d shine at it too.

I have been offered the opportunity to

apply to be a scheduler for one of the mystery shopping companies I still occasionally work for. This company does mainly nice restaurants and hotels. One for the lines on the application process is “What would you to do be creative in recruiting shoppers for our company?” I have a few ideas, but would gladly take suggestions from the group.
This would be a great position for me as it is strictly a telecommute job where I set my own hours and my pay is based on the number of jobs I get completed a month. It has a few other perks to it, including it is a job I could easily do while I am traveling once dh retires.
They, of course, have a series of questions and qualifications I must go through, and there are no guarantees. So can you all help me come up with some ideas?


Yes, that makes more sense. I got to wondering if there was a new target spending amount, and THAT was the “58% there, at 58% through the month” comment. In any case, kudo’s on reducing your spending by that big a chunk. That’s quite commendable!

Certainly on the double check…..

Was trying to say that we are 58% of the month done (18 out of 31 days) …..and I have spent 58% of my hoped for spending for the month. ($147 out of $257).

The $257 is my goal for the month—since my normal spending is $515 a month and I am still buying needed basics and have to have sale items…

Hope that makes more sense 🙂

That sounds like a great challenge and wonderful progress

But can I double-check something? You said that your average spending was $515/month, and so far this month you’ve only spent $147.57? And then you said that’s 58% of your normal spending? By my math, you’ve saved a lot more than that. If I’ve done my math correctly, $147 is only 29% so far of your $515 average. Or am I misunderstanding something here? In any case, knocking your spending down by that much is awesome! Hope you’re able to keep up with it and turn it into an ongoing money-saving approach to groceries. Sounds like you’ve got ots of good ideas here!