'Easy money' translates into financial nightmares: Part 1 of 3

There were times I wished somebody would come to my house and break my legs," he said. What is a good bank to setup a checking account for the military? His spiral into debt began when he came into the military after being out of work for almost a year. I know it's messed up. I also wasn't able to go to school this semester, so I basically took classes and put myself in a financial bind for nothing.

Welcome to Reddit,

400,000 borrowers studied

PDLs due this payday but so is mortgage -- Can payoff PDLs within 8 months but need to so at 10% per pay period per loan. COULD SOMETHING LIKE THIS BE POSSIBLE? Add new comment. Sep 19,  · Payday loan nightmare!!? Trying to be a good husband, I took out some payday loans to help us out. I don't have family or a network of friends to borrow from. I found myself stuck. I was repaying the finance charges each month, and had to take out more loans to pay them off. In June I couldn't pay the rates premiumwebtheme.tk: Resolved. Dec 20,  · Payday Loan Nightmare, PLEASE HELP? I took out a dollar payday loan (Not the kind where you use a check) and about three weeks later my job started cutting hours, now I only make about a week and struggling very badly, but I do Status: Resolved.

Want to add to the discussion?

Related Features

We do not provide referrals for loans. We do not offer payday loans. Completing a form on this site does not enroll you into a payday settlement program. If you do enter into a payday settlement program with a Stop My Payday Loans partner, your program may last 3 to 12 months. Clients who are enrolled in a payday settlement program may realize savings at the completion of the program including applicable fees. These figures are based on enrolled unsecured payday debts, and may vary depending on your individual payday settlement program.

There is no guarantee that we will lower your payday debt by either amount or percentage, or that you will be debt free at any set time. We do not make monthly payments to creditors, take on consumer debt, nor do we provide credit repair services, or bankruptcy, tax, legal, or accounting advice. He said the companies he dealt with would offer him the incentive of a bigger loan for referring others to become customers, adding the company would do "anything it can do to get more people in.

Brown about going to payday loan stores after hearing that he had done business with them. There were times I wished somebody would come to my house and break my legs," he said.

Brown is slowly paying off the debts he acquired during the past four years in doing business with payday loan stores while at Cannon. Taking responsibility for the debt he has acquired does not make the repayment process any easier.

Nor does his earnestness in paying down the debt give him something to look forward to on payday. I spend my whole check before I realize I've even gotten it. Where's the reward in that? Borrowers sign contracts to repay the principal with interest in 14 days. The amount of interest charged is what causes watchdog and other consumer groups, along with the Department of Defense, to call the payday loan industry such names as "predators" due to what they consider to be unsavory practices and unconscionable interest rates.

Borrowers rarely experience a change in their financial situation in two weeks, which means they usually do not have the money to pay the loan in full when it comes due. At this point, the transaction begins to repeat, causing the borrower to become further entrenched in the fiscal debt spiral. This is because borrowers are given the option to pay the entire amount due, or only pay the interest and return in another 14 days to refinance the loan. Keith Adams of the 27th Component Maintenance Squadron describes Airmen doing business with payday loan and other quick cash stores as a "pandemic that is really preying on the younger troops and is causing pain and headaches to them, as well as to sergeants and commanders.

With military folks, they've got a guaranteed paycheck. They will get paid," Sergeant Adams said. If something comes up or you don't drop off your payment, they know who to call," Mr. He also said these businesses will call the shop or talk to a first sergeant, which can make an Airman's situation worse if supervisors are not aware that a troop is having financial problems.

Phone calls have come to his work and his home. Chief Ashmore tries to quash an Airman's temptation to do business with the payday loan industry by keeping copies of payday loan stores' rates on a bulletin board for all his Airmen to see.

He also uses every opportunity to speak out against the potential harm for Airmen. This is one of my pet peeves, one of my pet projects, to keep people away from predators of this nature," Chief Ashmore said. Air Force USairforce Jul. Like humans, they require check-ups in the form of maintenance inspections to prolong their ability to fly. It's not balanced, but will keep you going for quite a while. Also look for a local food bank in your area, they might give you some canned food so you can supplement your meals with an occasional can of green beans or something.

But agressively pay off the payday loan. The longer you wait, the worse it will get. Those places can charge hundreds of percent interest.

Except I was stupid enough to take out another pay day loan to pay on the first and another and another. I had a total of 3 payday loans and one advance loan with my bank I lost my job and they don't care whether they cause you to be homeless or anything, all they care about is getting paid.

They will re-deposit your check over an over knowing that you don't have money in the bank and then the bank starts adding fees for that too. It depends on the Prosecuting Attorneys office in the county you live in. What happens depending on the laws for your area it's the same as writing a bad check. After 30 days of non-payment they can turn the checks over to the PA and you can actually have criminal charges against you for bad checks and go to jail I quit answering my phone and closed my bank account.