I saw a news story on FOX 4 on a KC station last night that made me sit up and say WOW!
With the stock market continuing to decline and people not sure what the economy is doing, the payday loan shops are extremely busy. Why are they so busy in today’s unstable economy?
It seems that many people that are struggling financially right now are running out to get payday loans to pay their mortgage payments. The news story reported that some people have over 10 payday loans out at once, which can each be at 20-25% interest. With this strategy, people are only digging themselves deeper.
I was hoping to show the video here so you could get the entire story, but all I could find on their website was a short article about the situation.
I’m here to tell you bad idea to pay debt off with more debt. If you are behind on your house payments and are not sure what to do, give us a call. You are not the only one in this situation and there are many alternatives besides foreclosure. We get calls from homeowners everyday in this exact situation and we have many ways that we can help.
