Let me address this topic with just one word: DON’T.
From my personal experience as the Trustee in Bankruptcy responsible for the Greater Toronto Area practice of Hoyes, Michalos, I can tell you that the number of people who come to see me with payday loans included in their list of creditors is on the rise. Payday loans are a big business and they are easy to get in to but hard to get out of. I don’t consider payday loans to be the main problem; they are merely the “icing on the cake”. By the time someone has decided to get a payday loan, the problem has usually gone way too far.
So what is the answer? You need a plan. You need a plan to deal with your current financial situation, and live within your means. There are options available to you. Our job is to investigate your specific financial situation and then come up with a plan that is right for you and your family. If you would like to schedule an appointment to review these options, e-mail or call us as at 310-PLAN.
