Payday loans are designed to target people at their most desperate and keep them in debt for profit, but there are ways to get out of the payday loan debt cycle. These are small loans averaging $350 that must be repaid in two weeks to a month, and typically come with staggeringly high annual interest rates that can exceed 400%. They are supposedly intended as a helpful option for people living paycheck to paycheck who encounter a sudden expense, like a doctor’s visit or a small home or auto repair—the sort of thing that can be a minor inconvenience if you have the money on hand, but potentially devastating if you don’t. In reality, payday loans exist to ensnare vulnerable people in a cycle of debt and fees. Fortunately, there are ways to break free from the payday loan debt trap.
Topics: Payday loans
Owning a car is as much a part of the American Dream as a house with a white picket fence, and taking out an auto loan is just part of the package. But having a car isn’t just about taking road trips; 86% of American workers rely a car to get to work. For millions of Americans living paycheck-to-paycheck, having daily access to a car is the only thing standing between them and financial disaster. Unfortunately, those are the same people being targeting by a growing trend of predatory subprime vehicle lending.
Topics: Auto loan debt
Finding your creditors’ mistakes and deficiencies is the key to settling your debt for pennies on the dollar, or even getting your debts wiped clean entirely. Once you get into debt, your creditors are part of a whole industry designed to keep you there so that they can extract as much money from you as they can for as long as possible. But they have to be perfect. Because if they make a mistake—and they make them more often than not—you can turn those errors to your advantage.
Topics: Get Out Of Debt
Credit card debt is a burden that you carry everywhere you go, but there is a way to escape from endless credit card payments. It’s nearly impossible to live in the modern world without at least one credit card, particularly thanks to the rise of online shopping and automatic payments. Many cards offer rewards, like a tiny amount of cash back, to make it even more appealing to charge every purchase. Even shopping in person is no escape; you can’t buy a pair of socks without stores trying to tempt you to sign up for their own branded credit card.
Topics: Credit Card Debt
Of all the potential consequences of debt, defaulting on a mortgage and losing your home may be the most frightening. The media treats the foreclosure crisis that began in 2008 as a thing of the past. But ask any mortgage lawyer who has helped a family fight to keep their house, or any homeowner staring at a mailbox full of collection notices, and they’ll tell you: the crisis never truly ended, and another one could be on the horizon.
Topics: Mortgage Debt
Most debt management plans or negotiated debt settlements aren’t designed to help you get out of debt. They are designed to extract as much money out of you as possible until you are no longer able to pay, and if you happen to get out of debt you will have paid out several times the value of your initial principle in fees, installment payments, and interest.
Topics: Get Out Of Debt
Student loans are the single largest source of non-housing debt in the US. Americans hold a staggering $1.5 trillion in student loan debt, and that number is only going up. Our culture continues to push the notion that a college degree is some sort of guarantee of a good job and financial stability, even as skyrocketing tuition, stagnant wages, and a challenging job market mean that millions of students graduate with tens, or even hundreds of thousands of dollars in debt. From the moment they leave school, these borrowers are funneled into a system designed to extract payments for decades.
Topics: Student Debt
Most debt relief solutions are simply ways to extract more money from debtors (in smaller payments over a longer period of time with more interest and fees), and it’s time for a real fix that will work for everyday people, not for corporations. America has a serious debt problem that, for many, has grown beyond the help that loan consolidation, traditional debt settlement programs, and personal finance help can fix.
Debt management plans and debt consolidation companies are often not designed to help you get out of debt. Instead, they are built to be yet another piece of the debt cycle, trapping people in a system of smaller payments over a longer time, resulting in a larger total payment in the end. DebtCleanse wants to offer a way out that is actually a way out. A debt plan for people that can't pay.
Topics: Get Out Of Debt
America has a problem with debt. Whether it be mortgage debt, student loan debt, credit card debt, subprime auto loans, predatory payday loans, or any other number of debt sources, everyday people are falling into a financial hole and are unable to get out. We live in a country that seems built to funnel middle- and working-class Americans into a cycle of never-ending debt payments, and then sell them debt management and/or debt settlement solutions designed to extract as much money from them as possible before they collapse.
How big is the problem? Consider that: