I feel your pain. I really do. It wasn't that long ago that I was in your situation. My personal belief is that payday loan sharks are the scum of the earth. I believe they are the root of predatory lending.
Back to your subject at hand. I'm sure you did sign some contracts agreeing to these terms. If there is any way at all you can start paying down the principle then do it. It may take some cutting back in your lifestyle. Cut in any areas you can. Beans rice and tunafish can keep you healthy! If you have cable, or anything that you can live without for a few months. cut it back.
Many people on this site will disagree with me on this point of view. If you have done everything that you can. (That means asking family for a loan, cutting back non essentials) I recommend default. You have to eat. You have to pay your rent or mortgage and you have
to make a car payment if you have one. These are all things important to your health and your job. Not making any of these payments will put you in a worse spot than you are in.
If you do default on these loans, be prepared for a world of hurt and humiliation. Payday companies will call anyone they can to humilate you into paying your loans. (Your parents, family, work) Again, I don't recommend this option since you did sign a contract. On the other side I don't feel bad for these companies when they get stiffed because they build a certain amount of default protection into the 500% apr they charge you for a few 100 bucks.
I hope this helped. Do the best thing for yourself and your family. Make yourself a promise today that once you get out of this mess you will never get yourself back in. Keep your head high and in one year you will look back on this mess a stronger person!
Category: Payday loans