Would you use a payday loan to pay for vacation?
One of my friends wants to go on vacation for her 30th birthday. But she is horrible at saving or budgeting money. She went and got a payday loan to pay for her vacation. The final payment is due this month and she didn’t have the money because it was due before her pay day fell.
Now I believe that she knew the money was due so she should have had it ready instead of waiting until the last minute. I don’t care if it’s a Online Payday Loan, or a regular loan, she shouldn’t have taken it. She paid the money back within 10 days of getting it but it still cost her money in fees. I asked her why didn’t she pay with a credit card or just borrow the money from someone else. She said she always get those loans for the short term.
I’ve tried to help her get on a budget but she’s a hard sell.
Too bad for her. She will never get anywhere using those predator loans. The interest rates on those are through the roof! Ever wonder why you only find those places by the dozen in bad parts of town?
Putting it on a credit card would be almost as bad. If she didn’t have the money, she shouldn’t have taken the trip. Simply as that.
Shawn Knight’s last blog post..Total Money Makeover Live
October 14th, 2008 at 11:35 pmI totally agree and told her as much. The crazy part is she shouldn’t struggle as much as she does. She has poor money management skills.
October 15th, 2008 at 9:57 am