I voted for Obama but not sure what he and his administration are doing. After following the footsteps of President Bush, he continued bailing out banks hoping to that they would help cash flow to people and small businesses.
And but that is yet to happen. Small businesses are continuing to suffer, credit cards companies either charge a lot of interest or they deny their customers from more credit, and since this economy is so consumer driven, it will continue to hurt as consumers relied so much on credit to shop and businesses replied so much on credit to build up their businesses.
As the results, payday loans and cash advance loans are popping up online and other places. They are extremely high interest, short term loans, that don’t really check for borrowers credit but they take direct deposit from consumers account.
I happen to do those a few times when I was in despaired need for cash. I paid a good amount fees and interest but at the same time they saved me from trouble. And my income level isn’t bad.
But the current credit crunch continues to force people of all income level to take a loan. When I was speaking to the loan agent at Pay1Day.com, I was told that many of their clients are nurses, teachers, and professionals who make over 50k. I find that very scary and alarming only to learn where this economy going.
So I guess what I am trying to say is that, if you are having problem with credit cards, payday loans are an option but be extremely careful and only use those as last resort.
