I see on my Google Plus page that an outfit called “Get Payday Loans” has added me to their circles – or something. Usually I would add them back, but I just can’t do it. From where I sit payday loans are about the most evil thing on the planet. They are very addictive. Once a person gets started, they are drawn into debt and will have the devil of a time getting out.
I have never done a study or looked at any statistics on this subject. However, I have dealt with these in numerous bankruptcy cases, so I have some opinions based on what I myself have seen – at least what it looks like to me. For one thing, it looks to me as if the rates they charge are very high. Another thing I seem to be seeing is that some of the banks seem to like these things – I suspect because they charge a fee to set them up on a customer’s checking account so that when the pay check is deposited, the money automatically disappears to the lender.
I believe that anything which is automatic – happening painlessly behind the scenes without drawing full attention to itself – makes it easier to get deeply in debt.
So no, I’m not adding “Get Payday Loans” back.