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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!
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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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