Thursday, January 28, 2016

Teach Your Teens the Torment of the Payday Loan Treadmill

Today’s fantastic family finance article is:

Payday Loan Predicament

Fast forward to your kid's future.

  • Your young adult child needs money to pay the rent.
  • Your young adult child is too embarrassed to ask you for help or advice.
  • Your young adult child decides a payday loan is a good option. (Hey, the lenders are everywhere and it's easy!)
  • Your young adult child just stepped on the treadmill of painful payday loan debt.

Why? Because you forgot to explain the brutal economics of payday loans. Fix that. Sit down with your teen and review this simple, clear payday loan infographic from Pew Research.

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