We, at Personal Bankruptcy Avoidance, have noticed that people really do not consider debt to be such a deep problem. But there is a general misinformation about how not to misuse your money, and what practices people should avoid in order to stay debt free.
With this article we intend to explain a new concept of easy money. One of the most common in the United States, this concept can result in even more debts than the regular ones due to the easy way of getting it. You could walk into any street where this legally established business practice can be found, and come out with $150, $300, $900 or even more as payday loan. People call it quick-cash, quick-loan, car title loans or cash advance.
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Although it is a new easy-money concept, people do not know that it preys on those impulsive people and squeeze all of their money. It is a new trend in predatory lending practices, but they are still controlled by state regulations The difference lies in the interest charged. These new lenders charge a fee, not an interest.
This is how the process works:
When a person needs some quick cash, he/she will need to secure it with a personal check, and sometimes the lending company will ask, as a backup, for the bank account or the credit card information. The lender can withdraw from your account the exact amount of the check after 13 to 15 days. After the agreement has been fulfilled, you will pay a fee for the service.
Here we have some rules to learn in order to know what to expect from this new concept in money lending:
- Early repayment fee: you will have to pay this fee if you repay the loan before the arranged time
- Late repayment fee: opposite to the previous one. This fee has to be paid whenever you pay the money after the arranged period of time
- Membership fees: not all companies charge membership fees. This one is additional to the service fee
- Account Management: we advice you to read everything before signing because there can be hidden traps, such as extra fees.
- Fine print (common in all contracts): we all know what this is about. Therefore, we have have to be extra careful, and read all fine print.
- Bounced check or debit fees: if the check given to the lender company has no funds when the it is cashed, your bank will charge a fee.
- Collateral requirements: whenever you put your own car as collateral, you have to be careful in doing so because you could loose it or whatever you used as collateral.
After all of this, if you still find yourself in debt, do not hesitate to use our experts' advice. Whenever you feel financial pressure, feel free to join in and let us start working on your debt- freeing plan.
People think leading a debt-free life is very difficult, but with healthy saving habits and taking good care of your expenses you could save without even knowing it.
Check these links to learn more:
http://www.personal-bankruptcy-avoidance.com/Bankruptcy/CA-California/Bankruptcy-CA-California.shtml
http://www.personal-bankruptcy-avoidance.com/Bankruptcy/TX-Texas/Bankruptcy-TX-Texas.shtml
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