According to the Center For Responsible Lending, payday loans drain over $4.1 billion in annual fees from borrowers in states where payday loans are legal. And that’s not counting title loans, which drain another $3.8 billion in fees per year from residents of 22 states. Between the two, that’s nearly $8 billion. Don’t get stuck […]
Payday loans are dangerously easy to get. You only need a bank account, proof of income and a photo ID to be eligible. But payday loan borrowers are often confused about the type of loan they are getting and whether it’s a secured or unsecured loan. Our take Stuck in payday debt? DebtHammer may be […]
Many borrowers fear what will happen if they fail to repay their payday loans. Jail comes up surprisingly often, frightening people into making dangerous financial mistakes. So, is it true? Can you go to jail for not paying back a payday loan? Don’t worry. Jail isn’t a legal punishment for defaulting on debts, but an […]
Henry’s 23-year-old son borrowed $500 from an online payday lender and repaid the loan. Now, debt collectors are visiting their home and threatening to sue their son, who earns minimum wage and has no savings, for more than $3,000. Do they have a case? If a lender or debt collector contacts you and says they’re […]
Debt collectors will say almost anything to get you to make a payment. One commonly used threat is wage garnishment. But can your payday lender really garnish your wages? Your wages could be garnished Payday lenders cannot directly garnish your wages. But they can sue you and request that a judge order wage garnishment. Before […]
Black Friday is no longer just a single day devoted to shopping: the deals and promotions started this year while stores were still stocking Halloween candy. But there’s a dark side that comes along with holiday shopping and celebrations – 48% of Americans will end up further in debt. More than 5% said they’ll have […]
The Black Friday sales have already started and it’s a tough time of year for anyone struggling to keep their debt under control. Last year, more than half of Americans said they planned to take on debt to cover their holiday expenses. This is no surprise, considering that almost half of Americans say they don’t […]
Payday loans are generally considered an emergency option, but as families struggle to pay for essentials like gas, groceries and rent, more people are using them as a financial lifeline. According to a new survey, almost half of Americans have used payday loans to cover some type of expense. But the tight repayment schedule makes […]
Buy Now Pay Later plans are skyrocketing in popularity. You can divide anything from an Uber trip to a new TV into four interest-free purchases. After explosive growth, you’ve probably seen these payment options at your favorite stores. The first payment serves as a down payment, and you make three more remaining payments, usually over […]
Paying off debt can be one of the biggest challenges in all of personal finance. Credit cards, student debt, and payday loans are all designed to trap you in a loop of endless minimum payments. But as long as you stay disciplined, it is possible to escape. All you need is the right debt repayment […]