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Pew Charitable Trusts in 2012 was Safe Small Dollar Loans Research Project, according to the United States, the average annual interest rate on a $ 375 payday loan is 391 percent. This is not a payday loan no money for a year if the average interest rate of $ 391 per credit was 375, then it would be for example, almost quadruple the amount. per cent means that the debtor did not pay anything for a year, you would owe $ 1,466. Two years later, would owe $ 5,733. Within five years would owe $ 342,700. Average new mortgage in the United States in 2012 was $ 235,000. Six years would owe almost $ 1.4 million. Remember, this started out as just a $ 375 debt. 10 years would owe more than $ 313 million. If you took the United States of America is a collection of $ 1 for every citizen, over 18 years.
would be enough to pay off your debt, you will be owed $ 17100000000000. Unite States national debt was $ 16.7 trillion in March 2013, so it will owe more than the whole United States.
Now, there are extreme cases. Rarely, someone will take a year to pay for a payday loan. These loans are designed to be short-term solutions, so that the annual percentage rate is not really a fair comparison.In fact,
, borrowers pay the loan is not really, but they are taking out a new loan to pay off your previous loan every two weeks to a month, though.
I hope the same thing, it turns out, this excessive numbers before any motivation to serve as a short-term loan to pay the debt gets out of hand. Your credit debt is out of control, because I do not want to be forced to go bankrupt or worse. The figures also considering taking out a payday loan should serve as a warning to everyone. Credit is really necessary? Do you explored all options?
a payday loan if you pay it on time to make sure you're doing everything. This is for extra income save enough money to pay for the extra income so that means you will discover how to cut back on expenses or some of his spare time, consider hiring a temporary agency, temporary jobs going. So that another can be avoided in the future payday advance pay down debt or start saving for emergencies, so you can start once paid even want to get a part-time permanent jobs.
not another job, then spend your money on such a mobile phone to pay for a gym membership, but do not use minutes or something, take a look at what to look for. This is not enough, you'll be pleased necessary sacrifices to eliminate or made during the satellite or cable television such as the search for things that are not really necessary to go to a pack of cheap payday loan you paid for.