Are Payday Loans and Bank Overdraft Charges Warning Signs?
If using credit cards to pay gas and electric bills is “robbing Peter to pay Paul,” then payday loans might be seen as “borrowing money from Peter to pay Peter.” In our three decades of experience as bankruptcy attorneys in Indianapolis, we can say the following with absolute certainty: Payday loans and frequent bank overdraft fees are red-flag warning signs of major financial crisis. For any individual or family in this difficult position, we at Redman Ludwig, P.C. , urge you to seek financial counseling from a reputable source as soon as possible. You have other options than continuing to get payday loans off future paychecks and fighting the individual bank overdraft fees. Your gut reaction may be that filing bankruptcy is worse than trying to fight your way out of financial crisis. When you learn all the facts, however, you may decide that a bankruptcy filing is your best ally during difficult financial times. Consider this comparison between possible futures, one in which you init
