Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 13: With Thanksgiving round the corner, are you yet to plan for a family reunion? Share with us your ideas to spend Thanksgiving this year.

It’s the festive time of the year. Thanksgiving is just round the corner. But for most of us who have been living on a tight budget throughout this year, it may not be the right time to arrange for a lavish meal for our family. So tell us how you’re going to arrange for Thanksgiving this time without upsetting your finances.

Winner Post

Answer Posted by |brian446fsu

The other answers worth mentioning are:

Answer 2:     Since it is so close to Thanksgiving, you may have to try this next year. I started this a few years ago when things were really tight financially.

What I do is, starting around October or the first of the month, I start buying for Thanksgiving. I buy my cans of green beans and other canned goods or non perishable items. I make a list of all that I will need and start buying a little at a time every pay day.

I fix enough for 3 families every year doing this, with leftovers to send home.

You can buy everything you need,except the last minute stuff like celery,etc. and have it all done before Thanksgiving, without your finances taking a hard hit all at once. By Thanksgiving I have bought 3- 20 pound turkeys,stuffing fixings,green beans, sweet potato casserole,rolls,pies and toppings with a few extras!-Maybe this will help someone for Christmas dinner or next year.

Answer Posted by |Bossy4455

Answer 3:     Our plan for our Thanksgiving this year is to stay home and enjoy our family . We have 4 young boys ages 5,7,10 and 13 and we go from one sport to the next, it has been hard to get to sit down as a family and enjoy each other.
This year we are planning on having a nice real thanksgiving dinner with all of the fixings, sitting down as a family at the table and having our long lost conversations.
We have plans to make it a full family weekend full of games and of course there will be some hunting going on for my hubby and my oldest son as well.
We are not going all out with special dishes, just good old homemade everything. This saves alot rather than buying pre cooked or packaged meals. We also will be cooking the meal as a family, this is a great way to spend time together and have fun.

Answer Posted by |wendylynn93

Answer 4:     This year the grocery store in our town is offering a special when you shop there. For every dollar you spend you earn money towards a turkey. So far I have enough saved up to get my turkey for free. Also when the farmers markets were still going on I bought lots of fresh veggies and put them in the freezer and have about 100# of potatos in my basement. So right now I have almost everything I need for the dinner. We are going up to the cabin with our kids and are going to cook our turkey over the campfire. Hubby makes homemade dinner rolls, so we wont have to buy those. The only thing I have to buy for the dinner is stuff for pies. Everything else we already have So this year it will cost us almost nothing for our Thanksgiving dinner. Planning early when farmers markets were up and running is what saved me money.

Answer Posted by |puddlejmpr

Answer 5:     Our way of celebrating Thanksgiving this year will be different from the past as we are in a state that is far away from friends and family. Having been laid off my job last year, coupled with the high cost of holiday travel, will leave us far away in miles from those we love but not apart in heartfelt emotion. My father in law survived two heart attacks at 80 and will be home and in better health then before!
Thanks we will give!
My nephew returned from Iraq to his wife and young son, whom he hardly knew, as a decorated Captain with all his limbs and faculties! He then survived having a cancerous kidney removed while his wife was successfully treated for thyroid cancer. They are both in their twenties.
Thanks we will give!
Despite my wife and I both being separated from conventional employment, through faith and grace we have kept our lives reasonably intact and found other ways to make money. God showed us, ever so slowly to build our patience, opportunities and abilities that we otherwise would never have discovered.
Thanks we will give!
I found an old 6 x18 inch dark wooden box that my wife bought at a flea market or somewhere much to my objection. It will house a bottle of wine nestled in some dried flowers and berries, that I have already located at the edge of a weed patch along with some pinecones and make a lovely piece for the table.
For my wife’s always winning an argument I will give thanks!

A small turkey at around 70 cents per pound, add the potatoes, stuffing, and whatever else you choose and Thanksgiving for two is about twenty dollars. Add a large bottle of Barefoot Pinot Grigio for ten dollars or a small bottle of Beaujolais Nouveau for the same cost and that is all we need besides possibly a little help from Mrs. Smith if Wifey is not in a baking mood. That should leave enough for a second turkey for someone less fortunate.
For the cost of a turkey being affordable and smelling so darn good when it cooks, we will give thanks!

In years past we would put on the Macy’s Parade in the morning and football in the afternoon. Even if we did not watch the parade until Santa showed up or cared which team won the game, it was a soundtrack for our lives on that one special day of the year. It was free then and still is! We will be thankful for the fact that we participate in all these American traditions for one reason that does not come free or even cheap. Freedom!
To all those who gave their lives for this privilege, thanks we will give.

This writing could go on forever if I were to convey all that we have to be thankful for even in times that seem difficult and rightfully so! A thankful spirit will open your heart and your mind and make you aware of what is really the truth. The times seem difficult but in reality, in contrast to most of the world, they are simply as troubled as what is realized.

So how are we going to spend Thanksgiving Day? Simple, it is all in the name!
Oh and by the way, thanks for reading this and thanks for being you!

Answer Posted by |frogpatch

Answer 6:     Well…….this Thanksgiving will be the FIRST Thanksgiving my son wont be here. My son moved out of state, with his dad. I AM spending it with a very good friend of mine. However, my son will be on my mind, as well. Ya see, ..my EX has been planning to move back home (Ky) and my son was thinking about moving with him. My son and I had talked about this, in great length. Even though I want my son here for the Holidays, I need to let him grow up. I miss him very much..however,..he is excited about his new venture.

Answer Posted by |sdchargers_63

Answer 7:     It is tradition to spend the holiday at my grandmothers house. Considering that we are ALL on a strict budget this is how years before has been spent and probably years to come.

1. My uncle always recieve a turkey at his employment for thanksgiving so, so its donated.

2. My aunt insists that we have ham also and donates that.

3. my grandmother loves to bake and with this years crop at the niebors we recieved our cherries and apples for free for our pies.

4. my aunt always makes a secret recipe stuffing balls wich is her donation.

5. every year my grandfather goes to the local amish were we can get a 501lb sack of potatoes for 15.00

without going any further, anything extra that is not on this list is discussed and donated by someone. so that at most it may cost only around $5.00 for each of us if anything at all. This huge meal will feed all of us wich is around 30 adults and 10 or so kids and any other friends or stragglers that anyone invites along. considering no matter how hard or tough times are we never turn anyone away at the holidays. and there is always left overs.

Cost is never a factor at our holidays, and niether is time. At the end of the day us women chip in to help my grandmother with clean up and dishes so that everyone can enjoy the holiday with friends and family. Its a group effort financially, time, and effort.

Answer Posted by |love_my_things

Answer 8:     My sister lives in PA. My family and I live in NJ. Due to both of us being given furlough days throughout the year and helping to keep our adult children afloat, we are combining forces. I will travel to PA and will pick up our mother at the nursing home and take her to dinner at my sisters. My daughter will transport her children, her sister and brother-in-law to my sisters. We will all bring a main dish, already cooked, to be reheated. The grandchildren will provide desserts.

This plan will relieve my sister of the stress of cooking a complete meal, leaving her time to spend with our Mother. Doubling up in vehicles will save gas and bridge fare.

The reverse will be done for Christmas – dinner at my house.

Answer Posted by |aubrey

Answer 9:     Thanksgiving in my family use to be, during a childhood, a time when we all dressed up and drove 100+miles to see our relatives at my aunt and uncles home. Then, once out of high school, it became a day to go see mom and pop and the siblings; no dressing up required. Now, it is just me and if I am lucky, my sons might spend an hour with me. This year though, I am planning a nice day for us. I went to Winco and found a package of cleaned and halved Cornish game hens for a whooping $2.98. At that price I could afford some mashed taters and a can of gravy and some apples to make a pie with. After dinner, we will begin to decorate the house with Christmas lights and decorations and make room for a real tree this year -actually, we are cutting down on in the yard as the landlord said it needs to be removed due to code and too close to the house. ( I have not been able to have one in some 5 years now). Also, the boys are helping me clean my cupboard of all the canned goods I just do not eat but are still very good and donating them to the food pantry. All in all, it plans to be a very nice holiday for us all and I hope it is for everyone !

Answer Posted by |Cailly Sighs

Answer 10:     Thanksgiving 2009 will be much different for many Americans. Many families who sat down in the dining room at the Thanksgiving table will do so again this year but with a different perspective to say the least.

They may find themselves in a different dining room with a different window view, in a different community. These are families that have relocated due to foreclosure or a need to move into a dwelling of lower cost.

Families fortunate to have kept there home will do so with what i suspect will be a greater appreciation for their surroundings, luxuries, and home stability.

Thanksgiving this year will hear louder and perhaps more genuine whispers and prayers giving thanks for what we have been given or if you prefer for what we have obtained. This improvement of our collective perspective comes with a sense of irony. I say this is ironic because this thanks giving we as Americans have less. At least in terms of belongings and notions of stability.

Happy Thanksgiving From HopeNHousing.Org

Answer Posted by |file

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Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 12: How would you induce the idea of saving in your children?

Consumerism has dug a great hole in our pockets. We can’t help spending on the lovely items in the shopping malls. There’s no doubt that we encourage spending habits in our children. We’d like you to share your opinion on how to develop saving habits in children.

Winner Post

Answer Posted by |aubrey

The other answers worth mentioning are:

Answer 2:     One of the most valuable lessons that I think that I taught my daughter is that life does not revolve around the almighty dollar. I have from the beginning spent quality time with her, so spending is not a real big issue with her. I think that if you get it started right from the beginning, you can save from NOT starting the bad habit of unnecessary spending. Put a value on time.

If you have to spend then show your child how to put money saving plans in place at a young age. Have them help you clip the coupons, add them up and show them how much you save. Show them the value of a sale and how much you can save. Most of all keep them informed and involved. My daughter loves Ebay, we save a ton there.

Start young, dont put the value to the dollar and invest time not money into your children.

Answer Posted by |fedupinpa

Answer 3:     I setup a johnny appleseed account in my 2 year olds name. every month my wife takes her with her 10 – 40 dollars (depending on what we can afford) and makes a deposit with her. This is how we are showing her how to put aside money and when she is older and has a job I will show her how to setup a budget and track out going expenses and incoming money in a check register and on her computer.

Answer Posted by |Justin Pulley

Answer 4:     I was recently introduced to what I think is a wonderful idea for teaching children the importance and value of saving money. Heres how it works:

Children are given an allowance of the parents choosing. A good starting point is to give $1 for every year of age. In my example, Ill use a 10 year old child.

Every Friday, the child receives a $10 allowance. The parents will set up 3 jars labeled "Keep," "Save" and "Donate." The child is taught to put $7, $2, and $1 into each of the jars respectively. So, the child keeps $7 dollars, saves $2 dollars, and donates $1 (20% savings, 10% charity, 70% keep) each week.

This gets your child into the habit of saving (and at a 20% rate) early in life. As a bonus, it introduces the value of charitable giving, budgeting, and planning.

Answer Posted by |OhioGal1

Answer 5:     We set up interest-bearing checking accounts for our twins (the interest offered on checking was almost 4% higher than savings). They earn allowance, and household chore money (and find coins on the ground) and can choose (must be their choice) to deposit it into the account (they actually go up to the teller and I guide them through the transaction, I dont do it for them). I then show them online the interest ("Free Money") they are earning each month. This makes them very excited, since they are in 2nd grade and are learning the value of the coins, I can show them, "See, you earned one quarter and one dime this month, FREE, just for having your money in the credit union instead of spending it on something you wouldnt be playing with anymore anyway."
When they want to make a purchase, they have to think about it first (a "cooling-off" period). If they still want that item at the end of the week, they use their debit card (I walk them through this, too) to make the purchase and then we go to the credit union website and I show how their total balance dropped. (You guessed it–sadness). You would be very surprised how very few purchases have made it to the 1-week deadline. In the past 6 months, only one purchase decision for each of them, each under $10. Most they have forgotten about by the next day!
They are very proud of their account balances, and especially of their "free" money earned (their accounts currently enjoy a 4.01% return interest rate).
This is an excellent way to SHOW children how putting money into a savings (or checking with interest) account can earn additional "Free" money on top of what they put in, which makes them want to put in as much as possible.
The most difficult part of this is at the beginning, before they have a balance capable of bringing a noticeable dividend, you have to encourage them to wait for the reward, but once it starts growing, it becomes infectious to them to save rather than spend. Our girl twin says she wants to save it until she is an adult and buy a house (Actually possible).

Answer Posted by |TwinMom

Answer 6:     Hello, We can start it by introducing the concepts of spending versus saving. While giving them allowances, give denominations through which they can save some amount. For instance, if you are giving them $20, give them 20 2 dollar bills. In this way they can save some money and understand the concept of saving. In fact, you can introduce your children to credit unions or banks and make them open savings accounts. Whenever possible, take your children out to shop. It is a nice way to make them understand the value of money.

This is my answer. Thanks.

Answer Posted by |gunz.ijjistaff

Answer 7:     I would like to introduce the idea of savings to my children in the same way that I have started to do it myself. That you save what you dont see. For example…. if their "allowance" is say $10 a month (or whatever) 10% of that is automatically placed into long term savings for them. (Granted I am only at 2% but it is a work in progress).

Answer Posted by |tyleeash

Answer 8:     For my daughter, I would offer to help her. I would tell her that if she saved for something she wanted instead of wasting her money her mother or myself would match what she saved and if she deposited it, she could have even more money with interest earned from the bank. Each time she put more money in the bank, we would also put money in a seperate account for her.

Answer Posted by |Matthew Lawson

Answer 9:     As a young father, when my children get a little older and have things that they want, but not neccessarily need,they will work for the money. (Help mommy clean, or daddy wash the car) I think that drills in the appreciation of having your own things at an early age, so when they grow up and are wanting cars, name brand clothes, expensive shoes..etc., they will already have that skill and appreciation drilled into them. Thats the way I was raised and I wouldnt raise my children any other way. I believe children should appreciate what they have and if they work for it and start at an early age, they will learn to save their money and they can have anything they want. These days, you cant live if youre going from paycheck to paycheck, if they have the skill and mindset to save their money, they will be prepared to face life after school.

Answer Posted by |Joseph Apple

Answer 10:     When my kids were small I gave them a choice – you can have your allowance on Monday and it will be $5.00.

But if you wait until Friday to get it I will add .50 (interest) each day and it will be $7.50.

If you wait until the following Monday – a full week, I still added .50 a day but then I added a $2.00 bonus.

One loved the idea and went for it every time. To this day he has more money in the bank than any of the rest of the family!

Answer Posted by |Patches

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Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 11: Are paid online surveys the best way to earn extra money?

Market research companies across the world always look out for people who would provide their feedback on various items. These companies also claim to pay money for participating in these surveys. Being a part of these internet based surveys help you to earn some extra cash. We encourage you to give your opinion on these paid online surveys. The member with best voted answer will win $50.

Winner Post

Answer Posted by |brian446fsu

The other answers worth mentioning are:

Answer 2:     I thought I would try doing this, and joined about 100 panels about a year and a half ago. It was fun, but very time-consuming, and I found most surveys were already filled and closed by the time I got the notice, or I didnt qualify. In all that time, Ive only made about 50 dollars. I have gotten some products to try, though – lotion, batteries, and some food products, which I got to use, keep, and answer questions about – but it hasnt come close to being worth all the time Ive spent at it. Many of them dont award cash, but chances at drawings or prizes. I think I must be the most common demographic out there, because most of the really good ones no longer needed the opinions of people in my categories. I think if you are of a particular ethnicity – African-American, Asian, or Hispanic, for example, it may be easier to qualify. You can give it a try – theres really no need to "purchase" the lists – all you need is to find a couple through a search engine, and they all lead to others. It doesnt cost anything, and it can be a lot of fun. But be prepared to spend a lot of time with it. Another downside is that once I signed up to start receiving the survey invitations, my junk email level rose to an incredible amount, much of it scams from every jerk out there hoping to take advantage of someone looking for income opportunities. I got a separate yahoo email address for surveys only, to keep all that stuff separate from my personal/business emails. Bottom line is, give it a shot. It doesnt have to cost you anything, and you may find that you qualify for some good ones. I wouldnt count on it as an income source though, rather something to have fun with when you have the time.

Answer Posted by |SusieQ

Answer 3:     First you need to check out the legality of the company, just because they say they pay you doesnt mean it is so. PROTECT YOURSELF and your private information. secondly once you do that then you must decide which one fits and suits your needs. there are some companies who do come through with the promise of payment. it has been my own experience that there are some legitimate and honest companies who are truly interested in your feedback and are willing to pay for your valuable time. again my advice to anyone is to check the company out thoroughly! there are too many scams going on these days, identity theft, and personal losses. use whatever research engine, better business bureau any information on the company and reviews of its performance and ratings will keep you from being a victim! REMEMBER BE A SMART CONSUMER SHOP AROUND BEFORE YOU ACT! IT COULD BE THE WORST MISTAKE OF YOUR LIFE!

Answer Posted by |kengra72

Answer 4:     As an experienced survey taker for 2 years. When i first started i didnt know where to begin. I had been severely stricken with hyperthyroidism (graves disease). So, i had to find means to make extra cash. Did some research & found out that their were survey companies that you could join but, that you would have to pay money tobecome a member. I advise you not to do this!, there are plenty of free survey websites that you can join for free.

Navigating my way i fould a real website that is absolutely geared up to teach you how to take survey & which surveys pay by checks, paypal, amazon. From my experiences to make the opimal best vault to getting paid from online survey thier are a few tricks i have learned along the way.

Always list that you make under $20,000 per year, list that there are only two adults in the household, and that you are the person most responsible to all products and finaces in your home. If! you know what to type when you first join a survey website; then for your you can kick back and watch you email come to life with survey invites.

Sincerely Yours
Lacie

Answer Posted by |Lacie C

Answer 5:     Paid surveys online has proved to be nothing more than a spam magnet for me. I tried answering surveys, signing up for specific websites, etc., with the hopes of making a little money on the side. All I have received so far is; tons of spam in my email box, adware on my computer, a computer virus, telemarketing phone calls, and spam at my personal home address delivered by my mail route person! All THIS and more on a daily basis! I havent cashed in any of my so called money because it would take me too long to accumulate enough to do so! All the above has been nothing more than extra aggravation in my life. It simply isnt worth it to me and I can see NO benefit attempting to earn money filling out surveys!

Answer Posted by |Shazzers

Answer 6:     My experience, generally speaking, is that online surveys are NOT the best way to earn extra money. To give an example: with Opinion Outpost, I spent almost 45 minutes going through 6 surveys that were open to me in my account. I spent several minutes answering questions with each survey to see if I qualified for the survey. I did not qualify for any of them, so I spent nearly an hour of my time and earned nothing. Also, when you do earn money, it is such a small increment (like 50 cents) that it is not worth the time. However, having said all this, one thing I would recommend is joining a site like sendearnings.com. They offer cash rewards for shopping at various sites if you access those sites from a link on their site. This has proven to be very lucrative for me as I frequently shop at sites like Overstock.com and Ebay. Everytime I buy or win something from Ebay, I earn 1% of the price or winning bid. Currently, I have over $50 for this month alone from buying everyday items from Ebay. Not a bad deal! Therefore, I tend to bypass the survey opportunities from sendearnings and take advantage instead of their cash shopping.

Answer Posted by |ajlajlrjlej

Answer 7:     Yes…online surveys are the best way to earn money. But the most problem is to find a good online survey site.Unfortunetely around 97% of sites are in the class of Top scams. It is very difficult to find out genuine online survey site during initial period. If you wishing to join in survey site, You must done proper analysis about online surveys.
In many years of experience and research, I am totally promising only 4 online survey providers are 100% genuine & Effective for your learning experience.

1.www.acop.com(Pays $3-250$/survey)
2.www.surveysavy.com(Pays $3-$250/survey)
3.www.greenfieldonline.com(pays $3-$80/survey)
4.www.yahoo.com(Pays different amount, Survey through phone)

Important: The survey invitation mostly send through e-mail. The invitation will send according to following rules

1.Based on your Age,Genter,Country,Income,Job,
2.Base on your family details
3.Based on your interests

Each survey invitation have pre-screening questions, You must fill it for entering that survey. If your criteria’s are not suited, you cant enter to that survey.

Useful tips for catching more survey invitations

1.Give only Genuine information’s about you.
2.If you got a survey invitation through e-mail, respond immediately,Becouse each survey has only limited participants.(ie:frist come, first serve)
3.Mostely around 75% surveys is for ade group of 20-30,Female,Employed,Married and good credit usage for buying items.

Answer Posted by |ARUN1247061834

Answer 8:     Paid online surveys are not the best way to earn extra money, in my opinion. Many online surveys require you to complete offers in addition to taking the survey in order to get credit. Also, many surveys are worth $.50 and you can not collect a payout until you reach a certain amount of money, usually $20 or more. Many surveys are very time consuming for very little money. Imagine if a survey takes you 30 minutes to complete and they only pay you $2.00 for the survey? Thats $4.00 per hour…what job would you take that pays $4.00 an hour? I think better ideas for earning extra money are doing odd jobs, selling plasma, or a good old fashioned part-time job.

Answer Posted by |kabrosam

Answer 9:     No they are not! They have you go through a sign up period, send you maybe one paid survey, and then send you tons of junk surveys that you have to "buy something" to earn something. I checked over 50 of these sites and got 0 results. So if you find one that actually works would appreciate a heads up.

Answer Posted by |dee1246474566

Answer 10:     I am not even sure they really give money. Lately i registered with some online survey companies, and received notifications about new surveys available.

I think theyre too tricky, or I even suspect theyre not real. They give 1st question to sort out whether I am eligible for the survey. Mostly I am not. Thats fine. But several times I finished the surveys from the beginning to the end, then as usual directed to the survey companys website, where a message was waiting for me: "so sorry, youre not eligible for this survey". Excuse me, Ive spent half an hour and finished the survey! it was even written in my language (non-English).

Online surveys are not as real as they seem to be.

Real ones are out there, not as easy as filling in a survey, but real moneys waiting. Say like selling pictures on stock photos websites.

Answer Posted by |peacefullia

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Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 10: Do you think that payday loans should be banned across all states?

Payday loans – the high interest loans that help meet our unforeseen expenses, often push us into the vicious circle of debt. Most of these payday loan companies operate illegally and harass debtors with threatening calls, in case the debtor fails to pay back the money. Moreover, pdl companies also ask for payment of high interest and finance charges.
We invite you to share your opinion on whether payday loans should be banned across all states. If your opinion is voted as the best by our members, you can win $50.

Winner Post

Answer Posted by |Shazzers

The other answers worth mentioning are:

Answer 2:     I am not sure that banning them would be the answer. It is kind of like in the past when they banned the booze, people found a way to get it through illegal means. I think the loan sharks from years ago would profit greatly from this.People are going to need help, especially now and when you are desperate, you do desperate things.

Maybe the answer would be to have very strict laws passed on rates,rate caps,disclosure,fees,etc. And this would be done under an agency that makes sure that they are following the guidelines,if this would even be a possible way to regulate them.

I also think that we,as a society, need to learn to become educated in debt,debt practices, handling our finaces,etc. Once we are educated in these, we are armed to make logical decisions and wiser choices with our money.

Until, and unless,there are stricter limits,fees and a wath dog on the PDLS, it will continue to take advantage of desperate people..

Answer Posted by |Bossy4455

Answer 3:     I am one person who should say a big yes to this question because of the huge mess I had been in, but I would have to say no. They need to crack down on the internet lenders and put all of them out of business. Because with the internet lenders all the fees collected are going over seas. We need to keep our money here in the USA not to make some other county rich by screwing the American consumers who fall on hard times. But now with the storefront lenders there needs to be some regulations placed on them. They need to come up with some sort of database that they all have to report to, like the chex system for example. So that customers cannot have 10 loans out at different companies. Only allow them 1 and NEVER over $500. I see them now offering over $3000 on a payday loan. They should have set interest rates. Not in the hundreds either. Even though thats how they make their money. They are like legal loan sharks now, when they should be in business to help the customer who cannot get a regular loan because they have bad marks on their credit. Not to make matters worse. If they have a complaint againt the company there should be an investigation and if the complaint is true they should lose their license.It should be made that no one is able to fall into the payday loan trap. Take it from me, a person who ended up in that trap and paid out over $65,000 in 2 years by paying rollover fees and loans just to get out of the mess. But if no one wants to put the strict regulations on payday lenders then they should not be legal at all. But now states that allow payday loans would end up losing all the license fees, and that will come back to us in some other fee to the state so they can make their budget.

Answer Posted by |puddlejmpr

Answer 4:     Many of us are average income workers that fall into financial problems now and then. That puts us into the position of needing quick funds to solve the problems. Payday loans can become a quick fix and addictive. Their interest rate is ridiculas and they purposely try to rip you off. If banks would wake up and allow more small short term loans to help the average person, they can eliminate many of the Payday loan companies. Yes Payday loan companies should be banned in every state.

Answer Posted by |drop9drop

Answer 5:     Yes, I believe that PDLs should be banned across all states. They are presented as an option to help you make ends meet until payday with commercials showing people smiling and feeling relief; however, they are a trap. They dont show that same person trying to pay $900 or more for a $300 loan.

I fully understand the need to collect interest on a loan; however, they are attempting to collect the same amount of interest someone would pay for a several thousand dollar loan that is paid back over years. If they wish to collect that much interest, they should provide those types of loans. I also understand they are generally lending to high risk debtors; however, this is no excuse for the fees, interest rates and tactics they use to collect.

The fact that the majority operate illegally shows their unwillingness to cooperate with the laws of our states. Since this industry refuses to abide by the law they should not be allowed to operate within the USA.

Answer Posted by |sixxgurl1982

Answer 6:     YES, I do definately believe that "pay day loans" should be banned in both the United States, and in Canada. The rates are so high that it appears to be more like "loan SHARKING", rather then a "loan". The same can be said for credit card companies! It is in my opinion, a blatant abuse of the needier people who usually seek out a temporary loan. PLAINLY…ITS GREED!

Answer Posted by |Karen1244036387

Answer 7:     Payday loans should be banned across the United States. The companies who provide these loans engage in predatory lending practices. Due to the lack of regulatory standards with internet payday lenders, the consumers can access multiple loans, often putting a band-aid on their financial burdens from payday to payday, ultimately mounting to volcanic proportions. Each payday the consumer takes additional loans in an attempt to live from payday to payday as the majority of their check is drained with multiple fees.
It is an unfortunate and sad predicament, often leading to financial ruins and additional stress on individuals and families.
Payday loan interest rates and fees are outrageous and are worse in comparison than loan sharks. Help vulnerable consumers and stop the "payn" BAN PAYDAY LOANS!!!

Answer Posted by |mashba

Answer 8:     I absolutely believe that payday loans should be banned from offering lines of credit. Theyre all togeather a huge joke and just about anyone who is thinking about taking one out should totally rethink their idea of borrowering $300 with a 200% interest rate. I got way in over my head. I was literately drowning in this payday mess I got myself into about 3 years ago it took over 6 months to get out of the mess while trying to take ends meet. See the deal is they dont want you to get out of debt theyd much rather charge you interest everymonth instead of allowing you to pay back the loan quickly. I even had one loan where I paid it off and they still continued to draft money out of my bank account. Never the less I closed the Acct they were drafting from contacted them to inform them of their illegal activity and they didnt seem to care. They asked me if I enjoyed check kiting!? I had no idea what this was nor did I understand what the rep was meaning. I had the ability to send my bank statments proving that they drafted me after the loan was PIF (paid in full) along with the CC I paid the loan off with. What a freaking hassle. Ill NEVER make the same mistake again. Payday LOANS are HORRIBLE and I hope that the compaines that own these organizations are sent packing.

Answer Posted by |mary1243999638

Answer 9:     I think the ones that do not carry a license within the state the person who is trying to get a payday loan resides in they should not be able to lend money. From experience online payday loan lenders typically do not carry a license in my state (Alabama). Did I get approved yes! Did I know this at the time of getting the funds no. After the snowball effect of loan after loan due to not being able to pay on the ones I already had I just applied for me. The fees are outrageous and it is hard to keep up with when they debit your checking account. Some of them I didnt even know for sure I was approved until the funds were credited to my account. Nothing was emailed to me as far as sign on information to the site so I can check my balances. Also, most of them charge a rate that is too high then set by Alabama Banking and gave over $500 which the max in AL is $500 not to mention you can only roll over one time in the state of AL. All but one of mine rolled over causing me to pay for way more than I should have. Personally store front is better! Check your states laws and ask them who is legitimate.

Answer Posted by |Lori1243887804

Answer 10:     No, although they cause a lot of headache when you get into them (like myself). They do provide a way out of no way in an emergency. IfI did not get mines, I would not have money to get a pull up for my child and no one could, the funds came through at the last minute and when I needed it most. It is the consumer to be cautious and who needs underground payday loans to start popping up. You think crime is bad now!

Answer Posted by |brownlatisha

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Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 9: Experian has stopped providing FICO scores to customers. How do you think it will affect us?

Experian, one of the three major credit reporting agencies, has recently announced that it will discontinue offering FICO scores to customers because the current master agreement with Fair Isaac prohibits them from doing so. We invite you to share your views with us. If your answer is voted as the best, you will win $50.

Winner Post

Answer Posted by |meircats

The other answers worth mentioning are:

Answer 2:     This will have a grave impact on consumers who are interested in knowing their credit worthiness and keeping abreast on any significant changes. If all three bureaus provided the same scoring system it would not affect the consumer at all. It would seem to be it would only be fair to share information that is collectively shared with other sources, i.e. possibly creditors. To ensure that you remain in good standing and I would definitely suggest to anyone to request all three credit bureaus to get a complete picture.

Answer Posted by |V Stubbs

Answer 3:     I dont think that it will have that big of an impact on the customers. You can still get your FICO score from the other two agencies. On annualcreditreport.com you can receive a free credit report from each agency once every twelve months and you can buy your score for under $10. I do that throughout the year to make sure that everything is being reported correctly and keep track of my score. You can estimate what your score from experian is by having the other two, they are usually close to each other. I believe it is important for each person to be aware of their score and what is on their credit report.

Answer Posted by |jojois29

Answer 4:     Its about time, the economy is so bad,People struggle day by day to make ends meet,and we get penalized for everything.At the end you are on you re own, nobody cares.We should not be judged by credit score.We should be judged by criminal history.People live in fear,now its the time to help the hard workers of America, and to preserve the future of our kids.

Answer Posted by |Simona B

Answer 5:     Our FICO scores define us — more than our hair color or height. They show responsibility, or the lack thereof, and credibility. I think the FICO scores provide us with an accurate snapshot of our credit standing. Without them, one may not have the ability to decipher where they rank. In addition, it is taking away the metaphorical scoreboard we use to log the points we accrue during credit repair.

Answer Posted by |elledavis08

Answer 6:     How it will affect us is we the people cant get good interest rates because the score they give out to the banks can be wrong or miss lead to cause the rates to be higher than they should have been. This is how the economy got as bad as it did from the high interest rate causing people not to be able to pay there bills. And high insurance premiums

Answer Posted by |bailey0484

Answer 7:     eXPERIAN HAS STOPED GIVING CONSUMERS CREDIT SCORE:
WELL IT HAS A BIG EFFECT ON US. FOR EXAMPLE, WHEN A CONSUMER APPLYING FOR A MORTGAGE LOAN WITH THE LENDER AND LENDER DECIDES THE INTEREST RATE. THE LENDER CAN CHARGE MORE INTEREST RATE BASED ON THE SCORES FROM EXPERIAN SINCE WE HAVE NO ACCESS TO IT.

Answer Posted by |karnail sindher

Answer 8:     I honestly believe this is another way for corporations to screw us Americans over, as we can all tell from our economy, the corporations dont mind sticking it to us "little people" as they refer to us as. Experian is not the best credit agency source for us, and this so called Fair Issac is s crock of bull and they know it.

Answer Posted by |Zelma Robinette