Payday Loan Guilt

[Faust]

I have 3 payday loans out right now that I am barely able to make payments on. I don't know how much longer I can pay but I feel soooooooooooo guilty! They are very nice to me when I come in that I feel it will be a personal insult to them that I can no longer pay.

[LimpDisc]

Please don't feel guilty about not paying a payday loan. Of course their nice to you every time you go in to make a payment, you're probably paying them 500% in interest.

[Faust]

Thank you LD! It's so hard not to though. Paying some big corporation somewhere in internet land is one thing but face to face is another.

[justbroke]

Faust, yes, all loan sharks are nice and personable until you stop paying. Then the meanness and nastiness comes along. Payday loans almost always end in disaster for the person using them.

If you had these loans for some time, you probably already "technically" paid all the principal back through the outrageous 390% average interest.

[Faust]

Yes, interest here in WI is 521.43% for payday loans. I have probably paid on them for about 3 months and they were rolled over prior to that.

[fireman32]

I gt caught up in the payday loans as well and had 5 out at one time and was sinking deeper and deeper. When I filed and they call it was so nice to tell them that i filed and they can no longer call me anymore.

[ForumReader]

Yes, interest here in WI is 521.43% for payday loans. I have probably paid on them for about 3 months and they were rolled over prior to that.

521.43% These payday loans ought to be banned!

[CCB35]

i warn everyone about payday loans.it is impossible to get out once you start.they are the reason i had to file in the first place

[Faust]

My pd loan is due tomorrow and I don't have the $$ to pay.

My proposed attorney said to quit paying them and change bank accounts. That's what I will do but I do feel bad.

[justbroke]

My proposed attorney said to quit paying them and change bank accounts. That's what I will do but I do feel bad.

I don't know why people feel bad about this. I wonder if people felt bad when they didn't pay the mob (loan sharks) the vig every week. Or, they felt bad because their legs were literally broken.

Don't feel bad!

[Faust]

I know, it's dumber than dumb but I still feel quilty.

[fireman32]

Dont! We are all telling you the same thing for a reason.

[Missa310]

I had/have 5 out right now. My petition for chapter 7 is getting filed tomorrow. I'm happy to be out of that rut (been doing the rounds for over a year now), but I still feel very guilty. I dread the calls and still avoid them even though I have an attorney to direct them to. I just don't want to takl to them. I'm mortified.

[MSbklawyer]

My conscience is just wired wrong or something, but I think it's the greatest thing ever to put the screws to those weasels. I get the warm fuzzies when I file a bankruptcy petition with several thousand in payday loans.

They are very nice to me when I come in . . .

I guess hell they are. You're giving them money at 50 to 100 times a reasonable interest rate.

[Universal]

Like most sharks, you've already fed (paid) them in full. In Indiana payday lenders were sued in an effort to put them all out of business for their wrongdoings.