Comments on: Short-Term Loans Can Mean Lasting Trouble

Payday Advance Loans Seem Simple, But Can Lead To Endless Cycle Of Debt

[jib317]

THANKS CBS for trying to open they eyes of America to The Payday loan Co.

[jib317]

If anyone who had a payday loan actually sat down and added up how much they were giving away to these PDL companies they would be outraged. And this is to PLDWORKER you said "PDL''''s never claim they will bail anyone out of all their accumulated debt" Well there is a sign in the window of the store I worked for that says just the opposite its say SIMPLE MONEY SOLUTIONS! So the common Joe on the street thinks this is the way for him to get ahead! THe common person does not have the knowledge it takes to carefully plan a budget that will make their money stretch as far as it needs to got. WE need BUDGET COUNSELERS NOT PDLs.

[jib317]

If anyone who had a payday loan actually sat down and added up how much they were giving away to these PDL companies they would be outraged. And this is to PLDWORKER you said "PDL''''s never claim they will bail anyone out of all their accumulated debt" Well there is a sign in the window of the store I worked for that says just the opposite its say SIMPLE MONEY SOLUTIONS! So the common Joe on the street thinks this is the way for him to get ahead! THe common person does not have the knowledge it takes to carefully plan a budget that will make their money stretch as far as it needs to got. WE need BUDGET COUNSELERS NOT PDLs.

[jib317]

I too have worked for a payday loan company.. and those of you who are in support of the payday loans that work for them probably work in a state that has regulated the amounts better than others. In Texas where I have worked the state does not do much to govern over the amounts people are taking out. A single person can get approved for upto $1500.00! That would be a little over $1800.00 to pay back and that is if they paid it back the very next time. I have had people get that much money and have to pay me back over $300.00 every two weeks! Here in Texas the customer can pay the interest up to three times before paying the whole note off, and then still turn around the same day and reborrow the $1500.00. Payday loans can very easily trap people into a pattern of just paying on the interest and they will never get ahead. Too many people do not understand the proper way to approach payday loans. Also in many states a customer can take out payday loans with several different places. That should be controlled because there is no way someone can get by when they do that. I''''m not sure where CBS got the 400% interest rate because my company I worked for was over 530%. I had a couple so trapped in just paying the interest of their payday loan that they combined paid over $33,000 just in interest alone over a period of 24 months! You cannot tell me that is not wrong!

[pdlworker]

Well NOW I completely understand how President Bush supposedly "WON" the re-election. Pshht! Shame on you CBS News!!

Mary Bates reminds me of the kind of person who demands their cup of coffee to be hot and then sues the restaurant they bought it from because it spilled on them and they suffered an injury. PDL''s did NOT get Mary (or anyone else) into the situation which caused her/them to SEEK a payday advance to begin with, and PDL''s never claim they will bail anyone out of all their accumulated debt. PDL''s do not "cause" people to have to file bankruptcy. Poor money management, lack of decent wages, and over-inflated costs of living does! Would Mary REALLY go without electricity or water if she had a viable option to pay for it and keep it on?? Yeah, right! Think again!

From someone who HAS been without a home, water, electric, food, toilet paper, etc for weeks on end, and WHILE trying to care for her kids alone in a miserably failing economy, all I can say is talk is cheap, Mary. When you''ve WALKED in my shoes, and the shoes of 19 MILLION OTHER FAMILIES who RELY on payday loans to help them stretch their pathetic paychecks, then I will listen to your whining.

And when CBS can post something realistic and factual, then I might even listen to them again, too.

[jib317]

The fact is payday loans are not regulated enough! At my store alone we were profiting around $400,000 a YEAR! That is bottom line profit! JUST IN ONE STORE! and the state has several hundred stores not to mention stores all over the US! I have had too many of my customers tell me they had to choose between paying us and their electricity bill because they were so trapped into this. My companies motto was approve approve approve, find a way to approve the customer for a loan (even if they really had no business getting one in the first place.) I have a hard time understanding why anyone would defend these companies. I also had many people on SSI and disability that are on fixed incomes that easily get stuck in this whole mess. They are the ones that really have a hard time not getting trapped because they are not going to get an increase in there income at all and here we are robbing them of what little they have. I had some of these customers come every single month for 3 or 4 years now. You would think that there would be a limit to how long someone could take out this type of loan. Even if someone just took out $500 they would be paying $100 in interest every payday. Do you realize if they get paid biweekly that over 1 year they have paid about $2600.00 in just interest for that $500.00 loan!!!! Who can honestly defend this!

[justme1011]

Heres the REAL injustice of all of this sham. Even though as I am typing this blog, there are a sheer 24 pages already of people outraged with the lies CBS spewed forth about payday lenders, the general public tends to believe whatever they see on the evening news. Put a serious face on and crook your head a bit to the left Ms Couric to make yourself appear in deep worry about people "preyed" upon by payday loans. The sad fact is that the damage is done. CBS and other "mainstream" liberal media giants do things like this all of the time. Just check the unfair coverage of the presidential election going on right now. Example: John Mccain has visited the Middle East NUMERIUS times both as a presidential candidate and not. He had no Brian Williams, Katie Couric, and the likes following his every move. BUT...when Obama goes over....its a 20 car caravan of press! Same here...the people at CBS have an agenda here that we dont see and will tell you what they want you to believe. And the real sad part...they will get away with it. God Bless America

[jib317]

I too have worked for a payday loan company.. and those of you who are in support of the payday loans that work for them probably work in a state that has regulated the amounts better than others. In Texas where I have worked the state does not do much to govern over the amounts people are taking out. A single person can get approved for upto $1500.00! That would be a little over $1800.00 to pay back and that is if they paid it back the very next time. I have had people get that much money and have to pay me back over $300.00 every two weeks! Here in Texas the customer can pay the interest up to three times before paying the whole note off, and then still turn around the same day and reborrow the $1500.00. Payday loans can very easily trap people into a pattern of just paying on the interest and they will never get ahead. Too many people do not understand the proper way to approach payday loans. Also in many states a customer can take out payday loans with several different places. That should be controlled because there is no way someone can get by when they do that. I''m not sure where CBS got the 400% interest rate because my company I worked for was over 530%. I had a couple so trapped in just paying the interest of their payday loan that they combined paid over $33,000 just in interest alone over a period of 24 months! You cannot tell me that is not wrong!

[sbw020268]

I now have to wonder if CBS News is factual on any of their news stories. PDL%u2019s are there for people who may need help in an emergency. No one makes these people go in there and take out a loan. It''s a choice the customer choices to make themselves. Not everyone has family to help them out and the PDL''s are a blessing to those who have no where else to turn. There may have been more foreclosures if it not for PDL%u2019s to help out in a crises. The government should stay out of this and let people make decisions for themselves. The next thing you know the government will be telling us what bank loans we can take out. Why isn%u2019t the government taking care of the gas prices and then people wouldn%u2019t need to take out loans to help out to make it to the next payday.

[bybyee]

I am really disappointed in the one sided story CBS chose to do on the evening news.Most of the customers that use the service are senior citizens and we make the difference if they will be able to purchase groceries or medications. There is a problem here and its much larger than short term lending. Was there a problem when the housing industry put people in unrealistic loans for their 200,000-500,000 dollar homes. It is not like the payday industry is asking for a buy out to keep their business going! If you have a returned check at the bank it will cost at least $30.00 and the bank will put the check through your account 2 times. It doesn''t end there you are then charged a daily late fee. With the cost of 1 returned check it is cheaper to use a payday loan service. Please don''t even get started on the credit card companies with their intrest rates and late fees. If loans were given to people in bankruptcy they must have already been in a financial bind. I seriously doubt if payday loans put them in bankruptcy. People have used bankruptcy for years as form of "managing" their finances due to the lienent laws for bankruptcy. So please next time you get your large paycheck and are deciding what to purchase think about people that get $500.00 per month and are required to live on that. The next time you run a story try not to make it so one sided. I will never watch the CBS news again. How many other stories have you done with one side and not the facts?