Q&A: How do you get out of the cycle of payday loans?
Question by Anne B: How do you get out of the cycle of payday loans?
I got behind on some bills, and was helping my daughter out financially, now I am stuck in the payday loan cycle…I have terrible credit so it was one of my only options, I keep having to get another “loan” to pay on the “loans” I have! HELP!!!!!!
Best answer:
Answer by acermill
Your first error was ‘helping your daughter financially’. You were obviously in no position to do so, and should have said ‘NO’ when she asked. Meanwhile, the only way out of the cycle is to come up with enough cash to pay it off in full. Not a pretty situation.
Learn to handle your own finances before you think you need to help a daughter.
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