Credit Counseling Corporation presents the following information regarding Pay Day loans.

Consumers use pay day loans to take care of unexpected expenditures between pay periods, and pay day loans can provide a valuable service for consumers who can manage that process.  Unfortunately, with job losses, consumers taking pay cuts, and a challenging economy, consumers are turning to pay day loans to pay credit card debt and other debts. 

This juggling is dangerous at best.  There may be other options available to assist you with your debt concerns without the pay day loans, the high interest rates they can carry and the worry of how it is all going to get paid. 

Are pay day loans the answer to low bank accounts? Is there any harm in using services that offer pay day loans? Some may feel that paying bills with borrowed money is better than receiving bad credit marks as a result of not paying the bill, which is understandable.
Read more…