A recent federal report indicates that many of the people that borrow payday loans are often trapped into debt because of the loans’ high interest rates.
The report released by the U.S. Consumer Financial Protection Bureau showed that more than 80% of short-term loan borrowers either delayed paying the loan, or took out an additional loan.
In order to protect yourself from debt, financial planner, Gary Schatsky suggests that people put temporary expenses on a credit card or borrow money from a family member or friend instead getting a payday loan.
Facing financial troubles can be extremely stressful. If you are struggling with debt, you may be able to benefit from the knowledge of an attorney. The lawyers of Greenway Bankruptcy Law, LLC, assist Birmingham people that face financial difficulties. Call our offices today at (205) 324-4000 to speak with a knowledgeable professional about your options.