![]() Loan terms vary, some credit unions offer these, and often you'll need a good credit score to qualify. You're responsible for using that money to pay off your lenders, then you have to pay the new lender back. There are a few different types of debt relief:Ī debt consolidation loan is when you take out a personal loan that you use to pay off your lenders. ![]() But unfortunately, the industry is full of shady actors that it's tough to make sense of it. What is "debt relief"?ĭebt relief is a term that can mean many things. With an average APR of 400%, it's clear that payday lending is a problem in the US. And 44% of military members have taken out a payday loan. Over 80% of payday loans are taken within 2 weeks of repaying another. There are 23,000 storefront payday lenders - 2x the number of McDonalds locations in the US. Over 12 million Americans take out payday loans every year, with a large number failing to pay back and falling into the payday loan trap. Payday loans - also called cash advances and short term installment loans - are also extremely common in the United States. That's why DebtHammer exists - to help you beat debt. It's unfortunate that lenders are allowed to do this, but until regulators get their act together, high interest debt is a reality of American life. Of course, the terms and jargon is so confusing that even financial professionals have a tough time making sense of it. But in reality, many people get swallowed up by credit card debt and high interest rates (usually 20-30%), and end up simply paying interest and can't possibly make a dent in their debt. In theory, credit cards are an easy way to pay for things, and to take out credit for large expenses. However, in practice, it rarely works out this way. It's the national crisis that nobody seems to talk about. That's not to mention other types of debt that are common. Over half of Americans have credit card debt, and some 20 million Americans have over $10,000 in credit card debt.
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