Desperate people do desperate things.

And, if you want to know how valuable money really is, try and borrow some.

These are sayings that I always remind myself of when I come into financial trouble.

And I was in a lot of financial trouble when I was in my 20s and 30s.

Isn’t it odd how desperate people always seem to find the answers to their insurmountable problems on late-night TV?

I watched a lot of late-night TV infomercials back then because I often couldn’t pay my cable TV bill.

Back then, late-night TV was full of payday loan commercials.

I don’t mean traditional bank loans either. I sat there obsessing over whether I should apply for payday loans from some nameless company.

Or, from a Native American financial institution technically located on autonomous, sovereign land.

I tried to apply several times. I am ashamed to admit. But I was always declined.

I didn’t make enough money.

You don’t understand – I was distraught at being rejected (please keep in mind I was a goofy 20-something).

I only realize now how lucky I was to have been rejected in disgust by opportunistic, loan-shark-lite, payday lenders.

It was an impractical way of trying to deal with my financial problems. I would have just ended up in more debt than when I began.

The average interest rate for a payday loan is at least 400 percent but can go as high as 700 percent, or more, for people with bad credit.

When in a Hole, Stop Digging

It’s a horrible mindset, always looking for easy money just short of robbery.

What was I thinking? Desperately trying to borrow from payday lenders only interested in charging as much money as possible for me lending money.

I had no leverage. They could have withdrawn money from my bank account, at their leisure, on my paydays.

It made no sense the longer I thought about it (now, not then). I would have paid hundreds of dollars in fees and interest just pay some bills now, have no money in a week or two, and still be deeper in debt.

I can only contemplate in horror what would have happened if I had insufficient funds come withdrawal time on payday.

I could have ended up paying hundreds or thousands of dollars in fees for the sake of borrowing $300 or $500.

In my opinion, payday loans are for suckers.

They’re for people who don’t want to work harder, negotiate with their creditors (which is possible) and who seem to have a masochistic penchant for getting themselves deeper into financial trouble.

I was an accomplished expert at committing all of the aforementioned.

I am glad I never took out a payday loan, but it wasn’t for lack of trying.

The lenders I contacted in my youth could see I was a sucker, but they also saw I was a sucker they couldn’t profit from.

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