A recent study in the New York Times has shown that payday loan use in the United States is a very big problem. In total, 6% of the population has used a payday loan at some point in their life. This is a huge problem as it signifies that a large segment of the population is struggling with debts. The most troubling part is that this study only covers the past five years. Many adults have used payday loans in other eras, but are not forced to report it for this study.
Payday Loan Settlement in America
Unfortunately, the percentages of people who take out loans and do not pay them back quickly are great. Most of the people who said they have taken out a payday loan in the past five years have been stuck in a cycle of debt since that time. It is a difficult thing to acknowledge, but many of the poorest people are responsible for taking out payday loans. This means that many of them needed the money for food or other necessities and most likely find it difficult to pay it back.
Even more troubling is that this number is up from years prior. For four out of the past five years there has been an intense recession in the United States, which has caused many Americans to go into debt that is uncontrollable. In the year of 2010 alone there were 12 million people who took out a loan. That accounts for four percent of the population alone, which is an unbelievable figure. If the recovery of the U.S economy does not pick up quickly, there will be even higher rates of payday loan debt for the next few years.
Getting a Payday Loan Settlement
Most of the people who have these loans, as mentioned previously, are in need of some serious help. Getting a payday loan settlement might make it easier for them to survive because it gathers all of their loans into one solid pile and then cuts the interest rate dramatically. Nonetheless, eliminating payday loan debt will not be an easy task. Anyone who is trying to do this will be faced with many hardships, but know that you are not alone. There are literally millions of Americans who are faced with the payday loan situation that you also have. They should be your strength to continue down your path of becoming debt free. There is nothing to be ashamed about in having payday loan debt and we can certainly help you through this process.
