Secrets For Getting Unsecured Debt Consolidation Loans June 23, 2008
Posted by janey in : unsecured loans , comments closedDrowning in debts as you read this article? Struggling to pay all of your loans which have become due and demandable? Sacrificing important aspects of your life just to make ends meet? Feeling helpless because of the seemingly insurmountable obligations you have to burden?
Don’t consider filing for voluntary bankruptcy just yet. There are ways you can do to settle your obligations, or at the very least, lighten the weight you have to carry. One of these approaches is debt consolidation.
Debt consolidation refers to the merging of several debts into one loan. This definition may appear to be basic, and some people may question how this technique can help them cope up with their financial woes, but debt consolidation has distinct benefits that can aid any person who is heavily burdened with debts.
Debt consolidation can prolong the date you need to pay for your other loans. If you have many debts which have become demandable, for example, you can merge them with a new loan with a fresh due date that will give you ample time to for the same.
Debt consolidation can merge numerous monetary binds with high percentage rates into a new loan with considerably redueced percentage rates. Believe it or not, if we miss the due date of our debts continuously, their respective interest rates can kill our finances. We end up paying and paying our debts, only to discover later on that most of our payments are being applied to the fulfillment of the interests alone.
Debt consolidation makes monetarial management easy. You can take a break from worrying of your financial obligations. You can just basically face a single consolidated credit.
Debt consolidation is a popular method in alleviating the problems brought about by having to fulfill many financial obligations at the same time. Declaring for bankruptcy is an option to relieve yourself of your unsecured loans, but such should be treated as a last resort. Bankruptcy should only be sought after you have tried to get unsecured debt consolidation loans with the help of experts in the field.
Payday Lenders Fight For Consumers Rights June 14, 2008
Posted by janey in : unsecured loans , comments closedLocal Ohio newspapers report that a plan is in place for payday lenders to save their industry by fighting recent legislation and in turn provide consumers with necessary financing alternatives. The new legislation essentially eliminates the payday loan industry in Ohio. As for now, the industry has to plan accordingly. Jeff Kursman, spokesman for Check’n Go, did not go as far as saying they’d close all Ohio locations, but they are exploring all options.
“We know there is a demand for our product, and we are seeking opportunity to continue to meet that need,” he said.
Strickland said the bill shows that “we will not tolerate individuals being exposed to exorbitant rates, which does contribute to this cycle of indebtedness.”
Many people say they think the payday lending industry contributes to poor management of personal funds because people continue to take out new payday loan to pay off old loans and dig themselves deeper into debt.
However, the payday loan industry has been a misunderstood business, Kursman said.
“The majority of our customers are single-time customers or maybe someone who comes in three or four times a year,” he said. “This is meant to help people who have unexpected expenses that they need to cover.”
To take out a loan at a payday lending office, a customer has to prove they have a checking account as well as a steady check coming in, Kursman said.
Julie DiAlfredi, manager of Check’n Go in Willoughby, said she is disappointed with the government’s decision.
“As of Sept. 1, we aren’t really sure what is happening, but we won’t be able to continue to do this,” she said. “A lot of us are worried about our jobs.”
“A lot of our customers are very upset about this,” she added. “They are upset and don’t know where else to go, there is nowhere else to go.”
Representatives of the payday loan industry said they think this is a decision that should be made by the public, not by the government.
Fulmer said he is confident the bill will get overturned.
“The voice of the customer is missing, the government never heard from the customers,” he said. “It’s ironic because the mission is to keep jobs in Ohio but then they just cut about 6,000 jobs.”
Many customers, who wished to remain anonymous, spoke their opinion about House Bill 545, and the possibility of voters being able to overturn it.
They said the decision should be left to the people.
Other customers were worried about where they’ll turn to next if the bill goes into effect.
“I come here when I need help,” a Willoughby woman said. “I guess I’ll have to return to paying late fees to the bank.”
If the payday loan industry does come to a close, local pawn shops may see an increase in business, said Kellee Hess, manager of The Pawn Shop in Painesville.
“It is always a possibility, especially when everything keeps going up and up and up,” she said. “People will start running out of options.”
