Law Office of Ruth Nelson - Seattle Bankruptcy Attorney
Law Office of Ruth Nelson
What Can Bankruptcy Do For Me?
What Can Bankruptcy Do For Me?

We can help with the payday loan trap

On Behalf of | Feb 22, 2016 | Chapter 7

It might seem like the perfect solution — a quick loan that lets you buy groceries, cover an unexpected home or medical expense or pay off another creditor who simply won’t want until payday rolls around. But payday loans can quickly become a cycle, especially if you are already struggling with finances or debt. Our firm can help you get out of the cycle so you aren’t trapped forever trying to make things stretch just one more paycheck.

One of the reasons payday loans can become a trap that is hard to escape is that individuals tend to opt for payday loans when they are already dealing with debt issues. If you’ve gone the payday loan route, we can guess that you’ve probably exhausted some or all of your other resources and you had a real financial need. Most people don’t opt to turn over such a high interest payment without a real need.

But the result of need-based borrowing — even on what is supposed to be a temporary timeline — is that it can stack up quickly. Needs don’t stop coming your way, and if you don’t have an income change or assistance coming soon, you could end up owing the payday loan while you’re still dealing with need and debt.

What happens next? Many times, individuals take out another payday loan, paying high rates for another few weeks of breathing room. While that breathing room can feel freeing, if you can’t get yourself out of the payday loan cycle, then you are actually stuck in a trap. And we can help.

Our firm can help you assess your financial situation and apply real, long-term solutions such as bankruptcy. Don’t listen to payday loan naysayers, who might even tell you that bankruptcy isn’t an option for you. We can help you see what your real options are and how you can make a positive difference in your debt and financial situation over time.

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Law Office of Ruth Nelson
7742 14th Avenue NW
Seattle, WA 98117
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