I Can't Get Out of the Payday-Loan Trap

Borrowing between paycheck is a hard habit to break.

Job layoffs, plunging retirement accounts, home foreclosures — the ripples of the recession are affecting us all. Like many Americans, you may have a limited income and no savings. You may have been turned down for credit or own maxed-out credit cards. You may have damaged credit for any number of reasons, including a previous bankruptcy filing. If these are your financial demographics, you are a direct target for payday lenders and you may be trapped in a habit of borrowing between paychecks that you can't seem to break.

Don’t be tempted.

Everyone's situation is different, but if you're living from paycheck to paycheck, this much is certain: it's not easy to make ends meet and payday advances are tempting. Anyone who's ever applied for an online payday loan is set upon by email messages like these every day: You’re just moments away from cash in your pocket today; Last chance for money before this weekend‏; Is Payday too far away? Make it happen tomorrow; Claim your cash eligibility by midnight tonight; Get cash with bad or no credit.  And the onslaught never ends.

Go cold turkey.

If you're trapped in a payday loan cycle, you will never begin to regain financial control until you say "no" to the next instant payday loan. This will mean that you will have to scrape by between paychecks. It will mean that you will have to stop paying for unnecessary things like health clubs, lawn maintenance, cable, internet service, and cell phones. ... click here to read the rest of the article titled "I Can't Get Out of the Payday-Loan Trap"