Pitfalls of Payday Loans Free Essay, Term Paper and Book Report
The Pitfalls of Payday Loans
The typical middle-class individual or family lives paycheck to paycheck, with little to no monitory savings for emergencies. At some point, these families, or the individual, will likely suffer a financial hardship in one form or another, from a vehicle breaking down to a medical emergency, or not being able to pay the rent. As an alternative to not being able to cover the financial obligation, payday loan branches have become prevalent in todays society. To most people experiencing a financial burden between paydays, the simple, short-term payday loan seems like the answer to their prayers. However, the failure to understand the possible implications of the loan can cause an even greater hardship to the borrower down the road. Mark Hedlund, a co-founder of Wesabe, a web-based personal finance tool, stated it best, The basic lesson for personal finance is the same youll have heard many times, but it always bears repeating: If it seems like youre getting easy money, watch out! Easy money is the hardest kind there is (Hedlund, 2006, ¶ 1......
Word Count: 1254
Page Count: 5 (250 words a page / double spaced)
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