PAY DAY LOAN DISASTERS
Amscot, is more than more than just a lending place. It is better likened to a place to get into a. Drug Dealer. The more drugs you buy and use, the more you need. The more money you borrow, the higher the fees. As the borrowing fees. accumulate. the reverse happens for the. principal. Their stores are usually located near business. that hire people at low or minimum wages. These businesses indirectly help the Amscot. s of the world because the businesses insist that their store employees work irregular shift patterns. The shift pattern is great for them, because it saves them money; however, what it does for their employees is, it makes it impossible for them to qualify for a part time job somewhere else to subsidize their income. Who would hire a person who does not know what their off hours or days are going to be next week. Many times their work day is even split into two shifts. Now what does all this do? What it does is, it cripples the employee. s ability to increase their income to support themselves and their families, and it indirectly leads them straight into the jaws of the. Pay Day. loan trap that is conveniently around the corner. Look for a WalMart Store or the like and invariably you will see an Amscot close by.
Borrow today and tomorrow; pay it back in the 30 days allotted, and then borrow again or, as much as you can, on day 31 or 32. It gets started much. like illegal drugs. ; small amounts at first, and then it increases more each time because the lessened effects of the.
drug. or the compounded. interest. on the money which lessens the gratification or the. principal. you receive. The predictable dependency cycle soon becomes difficult to stop, and when you max out at the usual $500 borrowing limit (hopefully it. s the limit), you have nowhere else to go for more. And of course, the interest and penalties continue to accrue. The proceeds of each new. pay day loan. to pay your bills actual lessens each time because of the built in expenses. It is not. Rocket Science. because, anyone can see that very soon the costs can and will outweigh the benefits, until you are. upside down. and can owe more than you borrow. Pay Day. loans are much like a. pyramid. scheme, with no winners except for the cash in your hand the first time you borrow, as long as you disappear off the face of the earth, and that would not be great for you, your family, or your ability to pay the bill collectors pounding on your door.
These pay day loan companies greedily lure you to get into their trap, and that is why they make it so easy to. borrow. their money. They should be banned off the planet, because they are even worse than drugs. At least when you are under the influence of drugs, you don. t care whether you have money, health, a roof over your head, or starving children. What a sad state of affairs.
Solution: Do not borrow more than you can pay back in full in the allotted time, and remember: In order to pay back, you must earn. twice. as much. That should scare you enough not to borrow.
Category: Payday loans