I don’t condone or approve of the use of payday loans but I can see why people would use them.
Some people are just in the situation, where if they have an emergency, they need to get cash advances in order to get by.
I’m not really going to argue whether they are good or not but I do begin to wonder if they could be considered an addiction.
If someone comes to rely on them and feels like they can’t get by without them, are they addicted?
Trying to live without payday loans when you have been relying on them just to survive can seem impossible.
Doesn’t that seem like it’s an addiction?
I watch the show Intervention, which is about addiction to drugs, and the way people act ashamed for using drugs, yet can’t stop, seems like the same symptoms that people who are deep into payday loans have.
Think about it like this, a person addicted to drugs usually wants to stop but can’t because they don’t feel like they will be able to get clean. There are ways to get clean, but they just don’t want to take it or feel like it won’t work.
People that are deep into debt with payday loans feel like they have to keep using them to get by. Yet there are ways to get out of the cycle. But they feel like there is no other way or they don’t want to take any other way.
I’m really interested in this because if it is an addiction, then people that are constantly getting payday loans should be flagged and offered help.
There’s no reason someone should go back week to week to get a payday loan. That just means there’s a problem and they need help.
I mean, if someone uses a drug once or twice a year you wouldn’t think that they need help, but if they used it every week then you would think they would.
I think payday loan companies can do good/be there for you in time of an emergency (They wouldn’t be my first choice), but I think they need to put in safeguards for serial loanees in order to be seen as less of a bad member of society.
What do you think?