Payday Loans 1

I’m Miriam Neff, and I’m Valerie Neff Hogan, with Wise Women Managing Money.

M We repeatedly stress Scripture that says ‘no debt’ with only a few exceptions, however statistics indicate a growing number of Christians are getting payday loans. While payday loans are illegal in 18 states, states that allow them often have few regulations. 

V High interest rates, sometimes 36%, and changing rates can change that needed cash into a nightmare. A debt that cannot be paid off. 

V Solution to not taking pay day loans: reduce expenses. Buy less. Pay cash, not credit card swipes.  Another idea, get an additional source of income. Additional part time job.  Start immediately. 

M Credit counselors are a good source of wisdom. Scripture is best.  Earn, then spend.