FTC Charges Three Internet Payday Lenders
Date: Wed, 02/27/2008 - 09:08
YAY! :mrgreen: It's great seeing stories like this. I hope the
YAY! :mrgreen: It's great seeing stories like this. I hope the FTC continues to go after these bozos.
next or longer
The government strict regulation on financial institutions is helpful in lessening some predatory practices for the benefit of the people. The American community is aware of predatory lending practices of some lending institutions in specific places. What are its advantages and disadvantages? People can decide to avail of it or not. However, for instance, they are tempted to do so for some valid reasons behind. Debt is like quicksand; once you get sucked in, it is very difficult to get yourself out. There are so many tools at your disposal, though, such as payday loans, credit card balance transfers, and negotiating strategies for dealing with your creditors. A payday loan would be useful if you come up short on the mortgage, car, or credit card payments by a hundred dollars or so, and need a short term solution. A payday loan is when you get a short term loan for a small amount, in the neighborhood of a hundred dollars or so, that you pay back within two weeks or whenever you get paid next or longer if you need more time to pay it back. The fee is reasonable, about $15 to $30 for every hundred taken out--far more reasonable than the late charges than can pile up from credit companies, starting at $40 or more. Another tip for dealing with your creditors is a balance transfer. If you have a decent credit score, and you can get 0 to 3% apr for the term of the balance transfer, then you should go with it, and better yet is to tell the credit company you are going to do so. They want your business, and you may wind up pleasantly surprised at just what they may be willing to do to keep you from leaving. Debt is something you have to deal with, and the sooner, the better. Only paying minimums can keep you in debt for years, and the quicker you get on track with paying the bulk of your balance down, the more you will save over your lifetime.
