You have got to be kidding me right?
Money Advice trust is a payday loan hotline that refers people to third parties for help with payday loan debt.
This service now reports that calls to it’s hotline have doubled in the last year topping more than 20,000 calls and this year could be worse yet.
Some of the callers confess to having many multiple payday loans, with one person admitting he had 80 active payday loans he was trying to manage!
Having this many loans is just plain crazy, and can lead to a lifetime of problems.
People calling for help has increased 4200% since 2007, and most of these calls come from borrowers who are strapped with over 40000% Interest per year!
When asked about these figures the big three payday loan companies are quoted as saying the industry is providing the customers with a useful service.
National Debtline Advisers are helping over 100 people a day by directing them to consolidation companies for help with their out of control debt, and the calls are on the rise. More and more people are taking out multiple loans and the ramifications can be huge.
We need to break the chains on this kind of borrowing, and learn to live without these kinds of companies. They will bleed us to death and then just move on.
Capital One earlier this week launched a new credit card designed to help people with payday loan debt. They say it is set up so you can pay money to the card, at only a 3% charge, and then use the card to pay off higher debts elsewhere.
The first six months is interest free, then the rate will go to 34.9%. Thanks but no thanks.
The best and only way to get rid of these payday loans is to use a reputable consolidation company. You can find one HERE.
DO yourself a favor and steer clear of these companies, and you will never have to go through this kind of nightmare and if you are already in trouble with payday loan debt, get them consolidated NOW!