The DebtHammer Blog
Learn how to get a grip on your personal finances.
91% of payday loans go to borrowers stuck in a cycle of debt[1]. Eventually, many of them will struggle or fail to pay. They’ll then be vulnerable to aggressive collection attempts from their lenders. Victims of predatory lending don’t always know their rights, and may wonder: Can a payday lender garnish your wages? It’s possible, …
Can A Payday Lender Garnish Your Wages? (What You Need to Know) Read More »
Many borrowers live in fear of what will happen if they fail to pay back their payday loans, though the real repercussions can be hard to figure out. Anecdotal horror stories and lenders who bend the rules tend to blur the truth. Prison comes up surprisingly often in these circles, which can frighten people into …
Can You Go To Jail For Not Paying Back A Payday Loan? Read More »
Table of Contents War… What is it good for? Not payday lenders.A Quick RecapThe Modern LandscapeNebraska Takes a StanceSpeaking of the CFPB…What’s all the fuss about, anyway? War… What is it good for? Not payday lenders. Giphy America is in the middle of a war. No, not the war on terror. Or the war on …
Payday loans are deficient in many ways. They’re ridiculously expensive, often predatory, and consistently trap borrowers who have no other source of financial support. But how do payday loans affect your credit score? Typically, they only impact your score when you fail to pay them back on time. Unfortunately, the likelihood of default is much …
There are 44.7 million student loan borrowers in the United States, each with an average balance of $37,584[1]. It’s difficult to keep up with such large amounts of debt, especially for newer members of the workforce. But what happens to the people who fall behind on their payments? Are the penalties purely monetary, or can …
Can You Go to Jail for Not Paying Student Loans? Read More »
Payday lenders typically target people who need fast cash to make ends meet, even though the loans create more problems than they solve. Unfortunately, payday loan borrowers often also have poor credit scores and have no choice but to take out another one the next time they’re low on cash (there’s always a next time). …
Payday loan borrowers are used to giving up their paychecks to their lenders, many of whom offer services that already border on predatory. In an industry so full of shady practices, it can be difficult to discern the blatant scams from the more subtle ones. Thieves frequently try to take advantage of the fact that …
How to Handle Fake Debt Collectors of Payday Loans Read More »
A guide for those looking to determine whether or not a 0% balance transfer card will help them get out of debt. Table of Contents What is a 0% Balance Transfer Card?How Do 0% Balance Transfer Cards Work?What Happens if You Don’t Pay Off a Balance Transfer?How Much Can I Save With a 0% Balance …
What is a 0% Balance Transfer Card? (And When to Use One) Read More »
There’s a lot of misinformation out there about credit scores. People have been perpetuating myths about how they work and what affects them for years, so it’s no surprise that so many others are confused about how their credit scores are calculated. But in truth, the process is pretty easy to understand if you can …
Payday lending is an inherently predatory practice. Ignorant or desperate borrowers who have little to no financial recourse are often scared, frustrated, and uncertain due to financial stress and intimidation tactics. That makes them the perfect targets for con-artists, who have seized the opportunity to implement a variety of payday loan scams. These scams are …
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