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Payday Loans

#AskanExpert: Payday Loans are Taking Over, What Can I Do?

Q. Because of family emergencies the last couple years, I messed up and took out payday loans. I have seven and the interest is so high I’m falling behind on household bills now. I owe $3300 and pay $674 every two weeks in interest. What can I do? I make good money now but can’t get ahead with these payday loans.   Dear Reader,   Payday loans can be vicious …Read More

Be Cautious When Borrowing Money

By Melinda Opperman Often when people turn to credit counseling it’s because they have experienced a financial crisis, sometimes caused by an unexpected reduction in income, or a medical emergency. Credit counseling educates consumers about creating a spending plan, and saving money, while reducing one’s dependence on credit. While the decision to borrow money whether it’s a credit card, a mortgage, or a student loan always carries a level of …Read More

Financial Tip of the Day:Stay Away From “Payday” Loans

By Drew Kessler “Payday” loans are expensive and dangerous.            You may be tempted to use a payday loan if your weekly budget is especially tight.  After all, it seems like a convenient way to get much-needed cash even if your credit is bad.  Don’t do it! To get a payday loan people usually give the loan company a postdated check for the amount of the loan plus the fees associated with the loan. This …Read More