February 10th, 2009 by Reed Allmand 
There is a saying that needs to be heeded in these times of financial stress and strain…"Forewarned is forearmed." Let’s be forewarned about one thing as we move deeper into this recession. Payday loans are a sure road to more financial pain and eventually bankruptcy. As the financial casualties pile up we are seeing a resurgence of payday loan predators targeting ill-informed consumers and trying to take what little money they have left and place onto their balance sheets. Some will claim that payday loans offer a "better value" than traditional loans and that their payday loan company is a good guy while the others are bad guys. But rest assured that as banks go bankrupt or limit their credit availability, payday loan lenders are poised to "fill the gap" with predatory short-term loans that will make toxic mortgages look like charity.
If you are consistently short on cash and finding it difficult to repay your debts and bills, do not take out a payday loan. Take the time to speak with a professional bankruptcy attorney to find out how you can get a fresh financial start using Chapter 7 bankruptcy or Chapter 13 bankruptcy. Whatever you do, don’t become a victim of payday loans.
source: Star-Telegram
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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