Payday Loans: A Personal Story

I am involved with this campaign to stop the ban of payday loans.

Payday Loans A Personal Story from North Carolina Lifestyle Blogger Adventures of Frugal Mom

Let me tell you a little story. Grab a glass of your favorite beverage and a snack and get comfy. Go ahead I will wait…… Are you all set then good let’s get started. When my husband first came to this country he wasn’t able to get any credit because he had no history. Fast forward a few years, we met and were soon married with a baby on the way. Having a house to furnish, a new marriage and having to buy all the things that a newborn needs wasn’t exactly in our budget. Even though both of us were working we were basically just paying enough to pay the bills. Sometimes they would be paid a few days late and sometimes I am ashamed to say we didn’t pay them at all.

Payday Loans A Personal Story from North Carolina Lifestyle Blogger Adventures of Frugal Mom

Add that to the additional fees that were needed to pay for his immigration paperwork, we were skint. It was like trying to get blood from a turnip, it wasn’t happening. Those were some tough times. Looking back I don’t know how we made it through because we didn’t hold any credit cards (and still don’t)  and both of our credit scores were non-existent.

But we still needed things to survive, like food, diapers, etc. We were honestly at our wits ends that was until someone told us about payday (short term) loans and we decided to look into it. There were several times that these types of loans became our saving grace, especially when emergencies arose- like when Maddie fell and busted her teeth through her lips and needed to go to the Emergency room. Those bills helped pay the medical bills that weren’t covered by insurance.

Payday Loans A Personal Story from North Carolina Lifestyle Blogger Adventures of Frugal Mom

These type of loans were life savers for us. But did you know that legislators looking to make these type of loans illegal? These loans that save people who don’t have credit cards, can’t get regular loans, and when emergencies arise they need these to survive. The biggest group that will be affected are working families who are just keeping their heads above water.

Why should this matter to you? Because I don’t think any American wants to see families struggle. Financial struggles can hit any of us at any time and who knows one day you may need a loan of your own.  For more information about this legislation check out these three very informative sites

  1. In defense of payday and small dollar loans
  2. AB 539 Approaches Consumer Protection the Wrong Way
  3. California’s Short Term Lending Bill Punished Low Income Families

And lastly, contact your congressman and senator and tell them you don’t support the bill banning short term personal loans.

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