Debt dealing in the new year
With the holiday season over and a new year beginning, Americans will soon be putting away their holiday decorations and getting back to the normal life. Many resolutions will be made for 2008, and many people will resolve to get out of debt. Making the resolution to get out of debt may be easy at the stroke of midnight but when the bills from holiday spending roll in many may wonder how they will ever keep this resolution.
Payday loans are like taxi fares
The payday loan war going on is political rhetoric. The industry is an easy target for politicians who have done nothing else during there term and are looking for that one little thing that makes them look like they have accomplished something. The basics of the payday loan system are not so far beyond anything we currently use. Everyone is upset about this triple digit APR that they fail to actually look at how easy it is and what you probably already have that runs you triple digit APR’s.
Arizona Payday Loan War Continues
As of July 1, 2010 Payday Loan centers in the state of Arizona are supposed to close their doors for good. The only thing that has kept them open this long is a House bill that was introduced. It’s great to watch politics feed on the uninformed, they love to use scare tactics along with these outrageous percentage numbers to try and scare people into voting there way. State Senator Chuck Gray was quoted as saying “When they charge 400 percent interest and burden those families with those kinds of debts, …”
Why payday loans are flourishing
Economically our nation is still in a downfall, with banks still reluctant to distribute loans as they once did is causing an increase in the use of payday loans as much as 25% in some areas. As laws tighten to govern these local payday lenders more new faces are walking through the doors and filling out applications online in a continued steady growth.
