Payday loans are marketed as one time ‘quick fix’ consumer loans for people facing a cash crunch. In reality these loans create a long-term cycle of debt, and a host of other economic consequences for borrowers. Studies have shown that payday borrowers are more likely to have credit card delinquency, unpaid medical bills, overdraft fees leading to closed bank accounts, and even bankruptcy.
When Helen Agnew added Debt Protection to her car loan from CU Community Credit Union, she had no idea that it would be a safety net she and her daughter needed when she became unemployed. She recently shared her experience with CUNA Mutual Group.
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