Payday Loan Cycle...anyone?

[Mysocalledlyf]

OKAY, OKAY....This might sound very strange...I dont know if anyone else has this problem, but to all those who are strapped for cash..How in the world do you stay away from the tempted, ugh, PAYDAY LOANS!

It's like after your pay-check, you barely have enough left over to FINISH paying for your monthly bills, and then have some left over for extra! I think I am screwed, especially with the holidays coming up

It's so easy to get an advance on your paycheck just to have more money with a good paycheck, you know? HOWEVER, I know that when it's due, you will get "stuck" in the cycle...a long, long, cycle, some never even recovering. I spend a lot of time searching for advance loans with the lowest pre-payment amount, like 15 for every 100.

I DO NOT WANT to go thru that again...What should I do!!? having just filed, short on cash, Payday loans are looking so so TEMPTING!

So ALL?? Do I have a problem or has anyone else had or have this same problem?? What do I do?!! Are they ever okay to use, maybe just one time?! or BAD, BAD, BAD! Like a piece of chocolate that will evetually cause cancer! (I know crazy analagy!) Help!

[bkfiler]

it sounds to me like you are not in control. it makes no sense to pay $15 for your own $100 and then never get out of the cycle.

just go get another part time job at night. easy money at $40 a night at least. plus maybe there are perks.

honestly, i have never used on eof those places, ever adn it sounds like you think most people do. its a sure way back into bk in the future. if not then the best i can say is you are throwing your money away.

sorry for the harsh opinion but im just trying to help you or others see a different point of view.

good luck and i know you will do anything you set your mind to

[theurge]

Im with bkfiler:

I think you have the complete wrong mentality about this. If your really that short on money you should be thinking about other ways to get income like a 2nd job for instance - a check advance place should be the absoulute last place you should go. Depending on what kind of bills you might be able to work out a payment arrangement. Alot of places if you haven't abused the system would be more that willing to work with you if you just pick up the phone and ask. Or if your really, really strapped maybe consider seeing if a family member or a friend would help. Im sure your friends and family wouldn't charge you the 20%+ interest the check advance places are charging.

You were meantioning Christmas - the holidays are always hard money wise and its even harder if your broke. Maybe you will need to just cut down this year, and maybe think about spending more next year instead. Its nice to be able to give gifts, but is it really worth going into extra debt over? Plus if you really get yourself in a bind, your just going to get yourself back into the same predicament that sent you to bk in the first place. Now is the time to start being smart about money.


Not being rude, but it's just my opinion...

[alice0427]

I sort of know what you're going through, although I've never done a payday loan. I went from working full-time and making a lot of money in a job I loved to being a full-time stay-at-home-mom trying to survive just on my DH's military salary. Talk about BROKE!

I got a part-time job for a while, but found that the money was just going out the door because I was still trying to live and spend like I did before the baby when I still had my good job. It KILLED me to stay at home all day without going anywhere or spending any money.

It took me a year of some pretty pathetic days, but I learned how to be thrifty. I used to spend about $100 per week on shopping, coffee, lunches out with friends, etc. That's A LOT of money to be spending on a single income. Now, I can go through a week without spending $10. I can go days at a time without even leaving the house. I don't always enjoy it, but I can do it.

It's a really, REALLY hard lesson to learn, but it can be done.

[Minnymouth]

Not being critical - BUT payday loans is no way to "break" old spending habits.

Sometimes we have to be realistic about what we can really afford...... and have extra money to do with.

Sometimes you have to "develop" some self-control!!

I've always worked a parttime job also along with a full time one..... I took half of the parttime money, put in savings and the other half was "ME MONEY"....... to use as I pleased.

Solved 2 problems - gave me spending money and gave me money to go into savings.

I never used a payday loan and don't plan on it.

Minny

[tracy1878]

I don't understand if you already know what a vicious cycle it is, why would you even consider getting back into it? We had 4 payday loans that were included with our bankruptcy, and we are forever grateful that we will never have to deal with those people again. If you don't have the money now, what windfall would you expect to happen within 2 weeks that you'll have the money then???


Stay far far away from those places!!!

[Genenco]

Well I did do it.......

OKAY, OKAY....This might sound very strange...I dont know if anyone else has this problem, but to all those who are strapped for cash..How in the world do you stay away from the tempted, ugh, PAYDAY LOANS!

It's like after your pay-check, you barely have enough left over to FINISH paying for your monthly bills, and then have some left over for extra! I think I am screwed, especially with the holidays coming up

It's so easy to get an advance on your paycheck just to have more money with a good paycheck, you know? HOWEVER, I know that when it's due, you will get "stuck" in the cycle...a long, long, cycle, some never even recovering. I spend a lot of time searching for advance loans with the lowest pre-payment amount, like 15 for every 100.

I DO NOT WANT to go thru that again...What should I do!!? having just filed, short on cash, Payday loans are looking so so TEMPTING!

So ALL?? Do I have a problem or has anyone else had or have this same problem?? What do I do?!! Are they ever okay to use, maybe just one time?! or BAD, BAD, BAD! Like a piece of chocolate that will evetually cause cancer! (I know crazy analagy!) Help!

I would have to agree with everyone. This is a "Change of thinking" which needs to be addressed.

Once a viscious cycle starts, it's VERY hard to stop it.

There's many a small shop who'd love to have a bit of help and they'll pay you too.

[FoolAndHisMoney]

Also agree with bkfiler. If you still need these loan sharks even after bankruptcy with no credit card bills then you seriously have to work towards increasing your income. You must put in more hours possibly a 2nd job or just re-train yourself for a higher paying more demanding job. Despite negative media coverage the unemployment rate is at 5% which is considered "full employment" and it's the best time for hard working people to negotiate more money or go out and market themselves. Every month someone at my job quits and this increases my value since my boss can't find replacement workers fast enough.

Mysocalledlyf, maybe you can take advantage of this and increase your salary. It's understood that with family and the holidays the pressure of needing money is quite painful. Good luck!

[newstart]

I agree that a payday loan is not the way to go. I also included one in my bankruptcy and it was the best thing I ever did. Don't get started with that again because you are correct it is a vicious cycle and I wish there was a way those predatory lenders could be closed down. Try for a second job a couple days a week if possible. I know sometimes it's easy said than done. It costs entirely to much to borrow that money. Bankruptcy is a new start, use it as such. Good luck.

[babycakes]

I also, say no to the payday loan. If this is a temporary shortage of money for this month, then eat Ramen noodles. I've done it plenty of times. As for Christmas, you don't have to go overboard. One christmas we only had $50 total and I spent it all on my kids and gave one present from us and the rest from Santa. Not a lot of stuff, but it was all out of love, so to me that's what mattered most. We told everyone else we loved them dearly but no presents due to financial difficulties at the time. Everyone who really loved us understood.

If this is a monthly shortage, then you need to seriously look at your bills. Make a budget. Cut out what you can. If there is no more trimming and you are still short, then you need a part time job. I worked 85 hours a week and then dropped to 65 hours a week right up til, right before I filed. Now I'm down to 45 hours a week, but I'll take on another job after Christmas probably.

Pay day loans are like quicksand. They suck you in and no matter what you do, you rarely can get out.