Rising Concerns, Facts About Debt Explain Payday Loan Popularity, Use
By Paul RizzoPayday Loan Writer
As recent reports show, more and more Americans are applying for regular and faxless payday loans. What accounts for such popularity?
The following are a few fast facts regarding consumer debt in the country, courtesy of Moneymanagement.org. They help explain why so many individuals are anxious to use payday cash advances in order to quickly pare down their balances.
* Up to 85 percent of employees use work time to deal with personal financial concerns.
* Nearly one-third of workers admit that money concerns interfere with job performance.
* Financial problems (including debt and late online payday loan payments) are linked to increased levels of stress, conflict, and marital stress, as well as decreased levels of marital satisfaction.
* University administrators say they lose more students to credit card debt than to academic failure.
* Up to 40 percent of employees have said their health has been affected by financial problems.
* Consumer debt stands at more than $2.4 trillion.
Overall, Americans carry an average of $5,800 in credit card debt from month to month. Think about that. It’s little wonder they turn to resources such as instant cash loans.
Afterall, if making only the minimum payment on that debt every month, it would take 30 years to pay off - and that includes an additional $15,000 in interest.
