Payday Loan Debt Protection – Did you know that payday loans are completely legal in more than 27 states right now? Did you also know that nine other states offer some type of short-term legal help with payday loan protection?
Payday loans offer a short-term solution to a potentially long-term financial problem. According to recent studies, men and women who are Gen Z (18-24) are turning to this solution at a rapid pace.
That begs the question: Why?
A lot of studies indicate that a majority of Gen Z men and women could be more financially savvy than those who have come before. Now, let’s get back to the question. Say, for example, that some of those studies are true. Why would a Gen Z turn to a payday loan if they have the gift of financial savvy?
The answer is both simple and complex. According to many studies, the cost of living is outranking inflation. That means if the studies are true, that some Gen Z men and women do not have the money they say they do.
Prices are increasing. You cannot get more bang for your buck the way you used to. A lot of Gen Z men and women are finding that out the hard way.
Emergency costs are no longer the dominating force in America. The ongoing living expenses have become the status quo now. A recent study cited that more than 70% of Americans look for a payday loan to cover their daily living expenses. The other percent used the payday loan to pay an emergency room bill or doctor’s visit.
The point is, it does not matter how much you are making, even if it is a few thousand a year, money does not stretch like it used to. The other downside is that, according to analysts, that is not going to change anytime soon.
Do Gen Z men and women need to be worried about payday loan debt free information? Do they still have time to get things right with their finances? The answer is not as simple as you might think.
Do they have to worry about payday loan debt relief resources and information? Yes, they do. The reason is simple. Debt is such a rampant and common issue for us in America, especially if you are not part of the 1%. Studies have shown that those living in middle class($100,000 and higher) are struggling too.
Payday Loan Debt Relief: What You Need To Know About Payday Loans
The sad news is that we now have to look across the pond if we want to protect our newer generations from payday loan debt. The UK( in particular) has restricted much of the activity of payday loan sharks and creditors, including when you want to pay out your payday loan.
That means that the process to get out of payday loans is less complicated in the UK. Placing restrictions on Wonga has left them dangling in the wind. Based on what I have heard they have pretty much fallen by the wayside.
Last year alone, the UK held up more than 60% of the complaints that predators placed on their clients. Complaints had been made over the process to get out of payday loans. Other complaints were over the process to pay out your payday loan.
The FCA took the complaints very seriously. As of last year, the UK had closed the doors to quite a few loan sharks going after their clients. According to a lot of experts, the US has to take a page from the UK on this. In other words, the US has to learn from its mistakes, even for something as simple as to pay out your payday loan.
The bad news is that we have yet to do that. Last year alone, our president voted against the safeguards. The current administration has also signaled that they might do something about it later. According to one expert though, she suggests not to hold your breath on it.
Payday Loan Debt Free: What Is Going To Happen?
There is so much that needs to be done for payday loan debt free America. The Truth in Lending Act is not as honest as it used to be. According to a financial expert(one who deals with payday loan debt relief), we can thank the current administration for the less-than-stellar transparency.
Payday loans are a big issue affecting everyone, including Gen Z. That makes the payday loan debt relief issue a bigger problem. The younger generations need to be protected more with payday loan debt relief help. That is a challenge when the current administration pretends to care but doesn’t.
According to other analysts, the administration just ordered more rollbacks. That means the safeguards that we used to have are no longer there.
The administration is allowing the predators to take advantage. They look at the payday loan debt relief issue as, “not my problem”.
A Silver Lining
There is a silver lining to all the chaos when it comes to the payday loan debt relief. It comes in the form of a site called National Payday Loan Debt Relief , This company specialized in Consolidating payday loan debt for everyone who is looking for Payday loan debt settlement.
We cannot count on the current administration for anything. We need to start looking out for ourselves. All of us, most especially the Gen Z folks, need some kind of protection against increased expenses and debt. You can find the information below.
The question remains: If we do not help protect Gen Z, then who will?
Call-To-Action: Resources For Payday Loan Protection
National Payday Loan Debt Relief to find out how one of their reps can help with your payday loan debt relief.