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PayDay Loans and the Addict

Old 03-13-2007, 11:19 PM
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PayDay Loans and the Addict

When it came to my addict husband's payday loans, he didn't know how many, where, or how much they were. They've (at least 7 or 8) finally been paid off (so much for the nice tax refund), and he is in recovery.
I am interested to know if anyone else has been dragged down the 'payday loan to support a habit' road - if you were able to intervene and stop the loans (they'd hang up on me), if there's anything happening out there to stop the vicious cycle and all that it supports (i.e. laws, regulations), etc.
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Old 03-14-2007, 04:23 AM
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Wking, I dislike that kind of place as much as I dislike Pawn Shops and other places that remind me of the pain of addiction and living with it.

The thing is, the addict will always find a way. I suppose I would rather my son get his money from a payday loan company than from a big guy named Guido, but it really doesn't matter in the end because it all goes to drugs anyway. Besides, my son hadn't seen many paydays the past many years.

Until an addict reaches out for help, places like these will always be part of the chaos. They didn't make the addict, they just feed him. Someone always does.

Prayers for your husband and prayers for you too. It's just not pretty to sit and watch our loved ones self-destruct.

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Old 03-14-2007, 04:33 AM
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Addicts have an uncanny way of finding enablers be it friends and family or the local pawn shop, credit card company or pay day loan places. My daughter is my addict and because I have paid off loans for her in the past, she was able to get a bank loan and two different credit cards. (She does not work and has no source of income.) When the credit card company called my home looking for her, I politely told them the circumstances of her life. I believe they shut off that card because she told me she can't use it anymore. My point being is with an addict if there is a will there is a way. They can always find a way to stay one step ahead of you in finding money, some of it legal, others not so legal. There is really not much you can do to stop it except find a way to protect yourself from their mounting debt. I no longer will co-sign a loan for my daughter. I no longer give her money or help her pay her bills. Her debt, her problem. A little different situation for you since it is your husband. Prayers for you to find a solution and that your husband finds recovery. Like Ann says, it is hard to watch the destruction. Hugs, Marle
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Old 04-17-2009, 11:38 PM
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PayDay Loans and the Addict

My friend get her money from a payday loan company have paid off loans for her in the past, she was able to get a bank loan and two different credit cards.
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Old 04-18-2009, 08:31 AM
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I think those Payday loan places should be illegal. They are nothing more than legal larcenists.

I was watching Dateline (or one of those programs), about ten years ago. A New Jersey policeman was on the show. He said he would rather borrow money from The Mob, than one of those places. The interviewer said: "but you could get your legs broken, if you don't repay them". The officer said he preferred broken legs to the ~ sometimes ~ 600% interest that is charged.

We have one of those shops on nearly every corner of our town. I get nauseous when I see people standing in line, waiting for their loans.
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Old 04-18-2009, 07:33 PM
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Thankfully Payday Loan Places are illegal in Georgia... that doesn't mean that they can't go on-line and get them though.. I read someplace that some of these places charge like 300% intrest... thats Just CRAZY!!!!!
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Old 04-18-2009, 08:16 PM
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They should be illegal. I've seen that 20/20 show, it is like 600% interest
and they talk about how they go to the worst parts of town where they know
people won't be able to pay them back.

I never used them when I was using, but I did before that, and I paid them $60.00
every two weeks for over a year for a stupid $300.00 loan I took out......
Grrrrr
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