I too became a slave to payday loans...

Hi jd,

Your story will educate others no doubt. I feel you have learned a lot from your experience and have understood the reality in exchange of quite a high charge. Payday loans are torture really. It might bring refreshment for the time being, but they are not the solution of your problem.

Payday loans are good for those who are pretty sure to repay it on the next payday. Otherwise these loans could take you in profound debts and appear to be bigger headache.

Most of the financial troubles can be managed through budgeting. Proper budgeting ensures optimum utilization of your money. However, people often face some problems to work out an effective budget for their own. I think, professional help could be a nice option in that case. Experts often prescribe effectual solution that cure your sufferings completely.

Debtconsolidationcare has developed Desktop software that assists you in making a good budget.

Keep in touch.

JD,

Payday loans are very tempting when you are short on cash. I got caught up with them too and it will take some time for me to pay off these debts. I'm determined to stay away from them. It's so nice not having to keep paying the outrageous fees and finance charges each week. I find I have more money without them than with them. We are here to educate each other with our stories and you helped me today. :D

I'm glad to be of some help. I'm going to feel rich for not having to pay these stupid loan fees anymore. I bring home a little over $800 every 2 weeks, and most of that goes to fees.

Every time I'm tempted to apply for one of those loans, I'm just going to come here. Kinda like a payday loan support group. :)

Ok JD, I will give you some tip here so that you regain some control over your finance. Get a pen and paper and write down all your sources of income including the take home pay at one side. On the other side of the paper, maintain a list of all the daily expenses including credit card, checks, and cash. At the end of the month, you will get the exact figure of how much you can save each month. Make sure that you will stress to keep the expenditure column lower than the income column. This only will result saving. If it goes the other way, it will go to your credit and will get multiplied towards your debt account later.

Next month, compute your day reviewing the statement you made this month. Be determined that you will make your expenses lower than what you had this month and will give more towards your savings.

This will be a great way to regain your financial management and have a controlled budgeting system.

My advice? Don't do it. Peruse the Crditor database forum and read what others have had to go through. If you owe to an offshore ( incl Canada ) company then they can do things that will shock you. Members have even reported these companies debiting their accounts even after they paid the loan off.

jd5351 I would highly recommend changing your checking account. Go to your branch and explain the problem. Odds are they will take one look at your account and give you a new one. Either that or close it and open one with a new bank. Re-route or stop your direct deposite.

The loans these places are making are not legal. They cannot sue or garnish your wages but some like Sonic Payday will try to shame you at work by calling your employer. US based paycheck loan places will not do this since they already are most likely in some legal trouble.

Educate yourself. Call your States Attourney office and ask for information on debtor laws. There may even already be a class action suit against them in your home state and you may already be due money from it.

Anyone new out there thinking of a payday loan? Do not do it under any circumstances. Sure its fun getting quick cash but its terrible when they take a huge chunk of your paycheck and you have to re-loan to get by. This has been one of the worst periods of my life. My stress level has increased 10X since I took out my 1st payday loan. I will never do it again. Ever.

I will never go to the payday loans ever again. I'm am THROUGH with them. Monday morning is when all of these are getting paid off, and I so excited! I never thought that paying off a bunch of crooks to get them off my back would be fun...lol Kinda sucks to see the money go like that, but seeing an entire paycheck for the first time in over a year will be terrific.

Be very careful after you pay them all off,if you have over 10 payday loans,chances are one or two of them may still try to debit your account months down the road,even after you pay the balance.Dont get me wrong,some payday loans lenders are legit,but there are some out there that are crooks,and when you lease expect it,since they will still have your checking account information,they will try to steal alittle bit of your money.My advice would be to pay them all off,and then once that is taken care of,call your bank and close that account and reopen another.I did this over the phone,and it has given me great piece of mind,knowing that my checking account information is no longer all over the internet.Good luck and congrats on getting those loans paid off. :D

Yes I cannot agree enough with your advice. Persusing the forums others have had this happen. Even months after settling up they get a mysterious debit.

Changing your checking account is a must. And it does not end there unfortunetly.

We have all stupidly given out all our personal info accounts, SS#, employment history, ,, to these cheesy places and are now all at a very high risk for identity theft. We have been exposed to this virus and all will have to keep a close eye on all future financial activity.

What I love the most about this place is that I am not the only one. A month ago I sat at home thinking there was no way in heck anyone else would know what's going on, but now I know that's not true. :)

jd5351 Yes You definelty are not alone. I was the same way. Feeling like a total loser watching another paycheck get eated.

Payday loans are a 45 billion dollar business and the average loan length ( with rollover, re-loans) is 6 months. So there are lot of other people out there walking around in our shoes. Important that we all preach the word if anyone confides in us about getting one to not do it. Pay whatever it is late or take the NSF charges as you will be much better off.

I definately will. It makes me sick to even think about all the money I've given to these people.

jd5351 - The important thing is you played the payday loan game and survived. It has caused many to declare bankruptcy or even result to other deperate measures.

Not only changing your acct for security reasons but it also will help remove the temptation of re-loaning. There is no normal bill that can't wait 2 weeks to be paid.

Its now a good time for you to take things to the next level and start working on credit repair. Then in the future if you need money for something you can get a normal loan from your bank or credit union without having to pay back your right lung in 2 weeks.

I wish you luck. You are still young and there is plenty of time to enjoy life debt free.

Definately. :)