Leonard Abbott of San Marcos had heard about the perils of payday advances – the small-dollar, high-interest http://www.loansolution.com/installment-loans-wy credit that may quickly trap borrowers in a morass of financial obligation. Nevertheless when unanticipated medical bills blew a gap in the month-to-month spending plan just last year, he felt he’d nowhere else to make. He took down a $500 loan, looking to repay it in complete in 2 months. He sought more loans, until about a third of his $1,700 monthly take-home pay was going toward paying interest and fees alone when he couldn’t.
“the next loan it kind of just snowballed,” said Abbott, a 53-year-old Department of Public Safety security officer at the state Capitol that I got was to help pay the first one, and. “The one thing it does not matter exactly how many payday advances you’ve got, you still be eligible for more. Continue reading