By Mary in TX
My husband and I got into a financial "bind," and I had the bright idea to go to one of those payday loan places to tide us over. Huge mistake!
We ended up going to another place to pay off the first loan, and a third place to pay off the second. By this time, we had three payday loans and were paying roughly $600 every single payday without lowering any of the principal amounts! This continued for well over a year. I got a second job just to keep up with the interest payments on those black-hole loans. With the help of my brother (an accountant), we escaped the loans and are now about finished paying off my brother.
I believe these places are a big contributing factor to this country's economic struggles. I have vowed to never ever step foot in one of those stores ever again!
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