Chat with us, powered by LiveChat

Payday Loans Lead to Endless Debt Cycle

Have you recently taken out a payday loan or cash advance to cover an emergency bill?  As this article points out, these loans are typically meant to be paid back in two week, but are they ever?  Typically the result of taking out a payday loan leads to a never ending cycle of repeat loans.  The absurd interest rates are in essence, loan sharking.  Once the interest cycle begins, the borrower is never able to repay any principal.

http://www.marketwatch.com/story/payday-loans-could-spur-costly-debt-cycle-2012-07-30?link=MW_story_insert

Many times consumers use this as a last option but this scenario rarely ever ends well.  If you have found yourself trapped in an endless payday loan cycle because you were left with no other options, you may want to contact a professional to help you out of this mess.  A debt settlement attorney that specializes in this area may be able to help you regain a financial foothold.

The following two tabs change content below.
Avatar for Kevin Fallon McCarthy
Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.