Heaven Help Her, Oldest Discovered Cash Advances

[CrazyinVA]

I don't know the details of those payday cash advance places, except that they charge huge amounts of interest. Oldest went to one a few week ago when she was short on a security deposit for a new apartment. At the time I cringed but thought, at least she's not begging me for the money (not that I would give it to her). It's her life, her problem (detachdetachdetach).

Youngest call me a little while ago, though, to say that Oldest had called her to offer to take her to her dr. appointment today (her last one before the baby is due.. yaaaaay), and also offered to take Youngest out to lunch. Oldest said she was on her way to get a cash advance. It's only been two weeks since the last one.

Ack.

I shudder to think what will happen when she doesn't pay these loans back (I'm afraid to ask if she's paid back the last one). I'm picturing her going from one cash advance place to another until she runs out of them.

Oh boy!

 

[Sunlight]

frustrating! a lot of kids get drawn into this stuff. my older son is 29 and filed for bankruptcy from credit debt a couple yrs ago. even so, he still gets offers for credit cards. at the highest rate. thankfully he has learned to go the cash only route.

 

[KFld]

Mine was just applying for all kinds of credit cards and called me one day to say one of them said he was approved. For some reason he called me back to say he wasn't going to take it???? That really surprised me actually.
Maybe it was the fact that he also has a $400 cell phone bill that he said he can't pay on right now because he's trying to buy a truck. They just don't get it.

When he got the cell phone they didn't flip his license over to see his new address, so the bill comes to my house. He called me yesterday and said, don't open it when it comes, you'll be mad at how much it is. I said, why would I be mad, it's not my bill, but you better change your address because it's not coming to my house anymore. I am going to open the bill when it comes and fill out the change of address part and mail it back. I reminded him that he had a cell phone on our family plan that was only costing him $9.99 a month, so he needs to figure out this one on his own!!

They just don't understand what this will do to their credit. he said they told him they never shut the phone off no matter how late you are. Boy did they see him coming!!!

 

[Suz]

Yes, it's a scary temptation for our kids. I hope it registers soon that she's getting charged a fortune for something she could have for free if she had a little patience.

Suz

 

[Sue C]

Yikes---cash advance on payday? I hope your daughter doesn't keep that up.

Melissa has gotten herself into credit card debt pretty deep for a 21 year old who just dropped out of college and has no job yet. She owes $1,500 to Visa (card is maxed out), $40 to a different Visa, and $500 to Kohl's (maxed out), (plus school loans will start soon). She had cut up the card for the $40 balance Visa and was going to close the account as soon as it was paid off. But she recently called to have a new card sent. She immediately went off and charged lunch at Taco Bell and bought a new shirt at Kohl's (the card has a $3,000 limit--what are these credit card companies thinking???). We told her we would not pay her minimums. She missed the one Visa and Kohl's bills already, and they've added on a late fee. I'm hoping she gets a job soon and understands she should pay these cards off as soon as possible.

I don't think these kids understand about money and high interest.

Sue

 

[Hound dog]

Cash advance is a vicious circle for people who live/survive payday to payday. husband got us stuck in the cycle twice now. Second time really wasn't his fault. I'd have skinned him alive if my power had been shut off.
It's h#ll to break the cycle. Or the habit of running to them for money when you don't quite make it to payday. I used plart of my school loan to pay them off the last time.

I sure hope she doesn't get stuck in the groove on this one. But if she does, she'll be one among thousands and thousands.