It seems so simple to me as a debt negotiation attorney that there is good debt and there is bad debt. The bad debt you should avoid, but let’s take it a step further. IF you must incur debt, here’s a list of 5 ways you should NEVER borrow money.
Payday loans are some of the worse out there with interest rates that can double your principal in short time. Pawn shop loans and title loans aren’t much better. While we understand that you might be in a pinch, you should try to avoid these at all costs. Payday lenders are notorious for their collection efforts. What’s worse, they could often care less if you have a hardship that prevents you from paying it back. They’re almost like an old-school mobster kicking you while yelling, “Give me my money!” If you find yourself trapped with one of these debts as well as other unsecured credit card debt, you really should seek the assistance of an attorney to review your options.