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Tag Archives: payday loans

Debtors’ Prison, Why Creditors Don’t Care if You Repay Your Debt, and Bankruptcy – The Get Out Of Debt Guy Show

On today’s show I talk with Dr. Louis Hyman, an expert in the history of debt. Not only was it great talking with him but we chatted just as long off the air. This is one guy you’ll be hearing more from in the future on this show. We talked about the history of debt, why budgets are flawed, a ... Read More »

    My Husband and I Are Both Disabled Seniors With Payday Loans. – Margaret

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    “Dear Steve, My husband and I are both diabled senior citizens, we also have custody of a great grand daughter,We are on s.s and receive a small amount fro state to care for her. I am really in a bind at this monent, I borrowed fom the pay day loans over several years, and finally it caught up with me, ... Read More »

      My Debt Settlement Company Told Me I Could Not File Bankruptcy With Payday Loans. – Stephanie

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      “Dear Steve, With a debt settlement company. I have six items with them. One was just settled. Four of the five left are under $2500. Then one for over $5000. I was told that you could not file bankruptcy if you had payday loans, is this true? Stephanie” Dear Stephanie, That is not true. You can most certainly include payday ... Read More »

        How Do I Get Out of the Payday Loan Trap? – Gail

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        Gail “Dear Steve, I have 5 payday loans. How do i get out of this trap Gail”   Dear Gail, The best way to avoid problems with payday loans is to not take them out in the first place. While a short-term loan can be used wisely and successfully, the minute you start taking out additional loans before you’ve satisfied ... Read More »

          Citifinancial Cheerfully Lends Me Money But Now I’m So Far in Debt I Can’t Get Out. – Melanie

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          Melanie “Dear Steve, Hello, I am a married woman with three children. We have been married for 20 years. For the last 19 years, I was responsible for bill paying and budgeting with our income and I never did a good job. For the last year, my husband and I have divided the bills (he pays some and I pay ... Read More »

            Ohio Passes Bill to Cut Payday Lender Fees After Spirited Debate

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            Some lawmakers argued that the unintended consequences of restricting the interest rate charged by Payday loans would lead to hurt people. Rep. Bill Coley said, “You’ve got the cart way before the horse,” he said, telling supporters they were being pious by trying to protect people from themselves. “Let’s find an alternative where people can borrow money from before we ... Read More »

              Payday Lenders Fearing Proposed Regulation

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              While debt settlement companies are furious about pending legislation and feel they have been singled out, the payday lending industry is facing legislation with the Payday Lending Limitation Act of 2010 and that’s not making them happy. Here is a press release from on payday lender. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? LOS ANGELES, ... Read More »

                I’m Way Over My Head in Payday Loans. – Alan

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                Alan “Dear Steve, When my employer was having money problems….my paychecks got cut by 2/3rd. I got myself into major payday cash advance problems. All I make now goes to just the fees…how can I get out of debt with these horrible companies? If I don’t make my payments to them…will they just go to a collection agency? I can ... Read More »

                  I’m Working With a Debt Consolidation Company But Now Have 8 Payday loans. – Favgirl

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                  “Dear Steve, In 2008 I began with a debt consolidation company to pay off credit card debt and that has been going very well. We were struggling to pay our bills and the rent so I took out what added up to be about 8 payday loans and 1 installment loan. They all have become past due and I don’t ... Read More »

                    I Have 4 Payday Loans, Medical Bills, And It Is Too Much. – Laura

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                    “Dear Steve, 4 pdl’s can’t pay them keep borrowing from them each month. Tons of medical bills school loan car note food everything is toooooo much. Please help! How can I get out of debt? Laura”   Dear Laura, First, stop taking out more payday loans. A payday loan can be a good tool to use in a limited set ... Read More »

                      I Got 6 Payday Loans While in a Debt Management Program. – Scott

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                      “Dear Steve, i entered a debt management plan about 9 months ago, however i have taken out a further 6 payday loans since, which i am struggluing to pay back, what are my options? my debt os over 15k, should i have been able to take out these loans when in a debt management plan? Scott” Dear Scott, Well the ... Read More »

                        What If I Close My Bank Accounts Because of Payday Loans? – Cameron

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                        “Dear Steve, I have several pay day loans. I took out the loans so I could make a mortgage payment. I had to make the payment or the mortgage company could have started foreclosure. I honestly want to repay the loans but can’t. I’ll be trapped in the cycle of renewing the loans over and over again. When I took ... Read More »

                          Teresa Writes In And Asks “What Should I Do Next?”

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                          “I have a lot of debt. I fell behind after being diagnosed with cancer. All the medical bills were paid at first but I maxed out credit cards and then took out a HELOC. The HELOC made my debt worst because it just consolidated the debt but left open credit that was used again. Now I have a suspended HELOC ... Read More »

                            Quick Cash Payday Lender Engaged in Deceptive Business Practices Says AZ AG

                            Arizona Attorney General Terry Goddard filed a lawsuit alleging deceptive business and debt litigation practices against national payday lender Quik Cash (QC Holdings, Inc., and subsidiary QC Financial Services, Inc.). The lawsuit seeks up to $5 million in restitution, asks the court to set aside hundreds of deceptively obtained court judgments against Arizona payday loan borrowers and seeks to stop ... Read More »

                              What Can I Do With the Payday Loan Vicious Cycle? – Dodie

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                              “Dear Steve, Payday loan overload. I am broke and getting worse every payday. I am in the vicious cycle of payday loans and i am delinquent on some and they are threatening me with garnishments and employer contact. I can not seem to get out of this debt cycle and it takes all my paycheck to pay interest that I ... Read More »

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