PayDay Loans Beware!

To continue from the previous post entitled:"What Are No Fax PayDay Loans?",I'd like to point out some of the pitfalls of faxless payday loans (otherwise known as no faxing payday loans) that can await the unwary.

Payday loans may on the face of it seem like excellent temporary "get out if financial jail cards" for those times when money is painfully short and payday is still a couple of weeks away. However, payday loans should not be taken lightly.

The mountain of debt in any country is appallingly large and by jumping into a payday loan unless it is absolutely necessary is sheerest folly.

I know, I've been there. I mean bankruptcy!

It is not pretty, or fashionable, or much fun. In fact bankruptcy is downright life-threatening for many who see it as the last desperate gasp of air before being dragged under the waves for the final time. Many people commit suicide over their mountain of debt and see it as a complete failure of their lives.

Where does this mountain of debt come from? How does it start?

It starts with a person who has no debt - remember no one is born with debt - who then is tempted to borrow money for something, like a payday loan or a personal loan, rather than wait until they have earned it first before spending it.

The first small payday loan debt is usually quickly cleared and life goes on. Until the next time you want something you can't afford right now. You remember how easy the first payday loan or personal loan was to get, so you go for a bigger one. This takes you longer to pay off.

Then you get a third larger still which gets harder to pay off.

Then you either take out another personal loan before the first one has finished, or take out a payday loan to cover the repayment of the first one until you next get paid, or you lose your job and suddenly find yourself with all these loan repayments and no money to cover them.

Guess where all that leads?

Yep. Either you struggle to find another job, by which time the debt from all the payday loans and personal loans has escalated, making paying them off so difficult that you don't have enough of your wage left to live, or even eat, or you go down the road to desperation and depression and bury your head in the sand until the bailiffs turn up at your door and start taking everything you own!

You car gets repossessed, you home gets taken from you - you lose everything.

Still want to take out that payday loan?

Thought not.

PayDay Loans Page