Pay day loan addiction?
My husband has pay day loan addiction for many years. Is there help for persons like this? He has 11 now. 75-100 each. He makes decent income but we are always short before payday. I get disbility and our disabled son income helps pay for lots also. Arguing only makes it worse.
I am a very careful shopper. I buy clothes at thrift stores, so on. I do not smoke or drink. I have even cut back buying newspaper and magazines. So on. He wont stop these. When it pays off he starts over, so on. All in his name.
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That is a difficult situation obviously it is a horrible financial decision. Don’t buy on credit unless it is an INVESTMENT.
Why are you always short, do you need to cut back a little on your lifestyle.
You guys know the math on payday loans, they are terrible on their interest rates, that lack of knowledge is not the problem in that area.
The only solution I know of is to get professional help.
There is a website called http://www.daveramsey.com
Dave has people called ELPs that will help you with proper money habits, and mathematically walk you through any issues you are facing with your income levels or expense levels.
Living on less than you make just makes financial and logical sense…but you know that already too.
If he does have an addiction like a drug addict or gambling addict, he needs professional help, and daveramsey.com can help him by getting him in contact with a professional that will not make fun of you or put you down, but will help you.
Payday loan addictions can be bad and fatal to a family’s financial stability. With the outrageous fees that these places charges, it might be better to file for bankruptcy, then hopefully your husband will have learned his lesson and never go back to them again….also maybe you need to handle all the financials in the household.