80 payday loans and counting? You have got to be kidding me right?
Money Advice trust is a payday loan hotline that refers people to third parties for help with payday loan debt. This service now reports that calls to it’s hotline have doubled in the last year topping more than 20,000 calls and this year could be worse yet.
Some of the callers confess to having many multiple payday loans, with one person admitting he had 80 active payday loans he was trying to manage!
Having this many loans is just plain crazy, and can lead to a lifetime of problems.
People asking for help have increased by 420% since 2007, and most of these calls are from borrowers who have over 40000% Interest per year!
When asked about these figures, three major payday loan companies were quoted as saying the industry provides customers with a useful service.
The National Debt Advisor helps more than 100 people every day by directing them to Deposito BNI for help with their uncontrollable debt, and the calls keep increasing. More and more people are taking out more loans and the consequences can be huge.
We need to break the chains on this kind of borrowing, and learn to live without these kinds of companies. They will bleed us to death and then just move on.
Capital One earlier this week launched a new credit card designed to help people with payday loan debt. They say it is set up so you can pay money to the card, at only a 3% charge, and then use the card to pay off higher debts elsewhere.
The first six months is interest free, then the rate will go to 34.9%. Thanks but no thanks.
The best and only way to get rid of these payday loans is to use a reputable consolidation company.
DO yourself a favor and steer clear of these companies, and you will never have to go through this kind of nightmare and if you are already in trouble with payday loan debt, get them consolidated NOW!