The Payday Loan Shuffle!

Payday loans are the financial equivalent of a death trap! Before you know it, they’ve multiplied around town like jackrabbits! Multiple payday loans are a lot of work. By the time you get finished running around town paying them off and then borrowing again, you find yourself taking a lunch break between them because it takes up half your damn day! My buddies and I came up with a term for this phenomenon. We call it “The Shuffle.”

The term “Shuffle” came about from the fact that a person has to shuffle all over town every 2 weeks to payback and re-borrow payday loans. The reality is that once you get your first payday loan you’ll most likely end up with 3 or more before too long. Payday loans are easy enough to get into but hard as hell to get out of.

The shuffle does not come without at least some self-perception of embarrassment or shame. Every time you leave your house to start the shuffle, you find yourself hoping you don’t run into any of your friends or co-workers as you enter or exit the shuffle location. It’s not uncommon to park your car around the corner and walk half a block to the shuffle as to not have your car seen parked right outside the shuffle. Either real or imagined, the shame of having been caught up in the shuffle is still there.

On some days you’ll see a person ahead of you in line at one location and then by the time you get to your next shuffle, you’ll see that same person as they are trying to wrap up their own damn shuffles. Sometimes you’ll acknowledge each other but most times you just go in and try to keep your head down.

Multiple shuffles will eventually turn into a financial nightmare and the only way you’ll be able to wake up from it is to “burn” them all at once by closing your bank account so they can’t collect their money via electronic funds transfer (EFT) when payday rolls around. Now you’re forced to open another checking account at a new bank before the shuffle place reports you to “Check Systems.”

Oh, and don’t forget about the cute girl that works in the shuffle location that you’d love to ask out if not for the fact that you’re in there shuffling every other damn week and it just wouldn’t feel right asking her on a date. But let’s play it out…

Me: Hello Kathy…I was wondering if I could take you out to lunch sometime?

Kathy: Well, I would but I’m always working and with me studying for my masters I really don’t have a lot of free time to hang out but thank you though.

Translation: Dude, you’re here borrowing money every other damn week. How in the hell can you afford to take me out?

You can see how this probably wouldn’t go over too well.

Part of the problem is that payday loans are everywhere you turn these days. Where I live there must be at least 15 of them within about a 2 mile stretch of road on either side of the street, so the temptation is there. Luckily for me, I’ve managed to break the cycle and get out the shuffle but it was not easy by any stretch of the imagination.

You might also like: The Dave Cash Advance App

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Credit Reporting: Why the 7 year rule is a LIE!

Over the years we’ve all heard about the 7-year rule as it relates to credit reporting. Basically, the rule states that any and all accurate information must remain on your credit reports for 7 full years. Now, the question is: Is this statement true? Well, the answer is both yes and no.

Let me explain... If you simply accept the "accurate" derogatory reporting and do nothing, then the answer is yes and you’d be correct in the definition of the 7-year rule. Sounds simple enough right? Not so fast. The key phrase is “if you accept it and do nothing.”

I've never been one to believe something just because everyone else says it’s true. I do my own research. I briefly touched on this subject in a July article entitled “Top Credit Repair Myths” listed under lie #2. Credit bureaus try to convince consumers that their rules are non-negotiable but what they don’t tell you is that everything is disputable. They don’t want you to know this because it creates extra work for them. But also, it threatens to weaken the foundation that the credit bureaus were built on.

If everyone knew that they could work around the system, then credit bureaus would lose their “perceived” power and control over the consumer so they keep everything hush-hush and continue selling the lie that what they say is how it is, what it is and is non-negotiable!

So getting back to my point, the 7-year rule is a lie “IF” you do “something” rather than sit back and do “nothing,” which is what they prefer you do. For instance…let’s say that you have a 2-year derogatory item on your TransUnion credit report that is 100% accurate and belongs to you. If you sit back and do nothing, then the 7-year rule becomes fact. Now, if you dispute the negative item and the creditor cannot verify or validate the debt within 45 days, then the credit bureaus MUST remove the derogatory item from your credit report. Period. That’s the law.

I have successfully used this strategy many times over the years to have accurate derogatory information removed from my credit reports long before the 7-year mark...sometimes in as little as 45 days! It makes me laugh when people tell me that it can’t be done when I've been doing it for the past 20 years!!!

That's why credit bureaus try to convince you that credit repair companies don’t work. They know that these companies are effective at finding loopholes in the law and it drives them crazy because it threatens their bottom line. Credit bureaus make money by selling your information. If consumers go “bucking the system” then they can’t make money, so they continue to perpetuate the myth.

You might also like: The Credit People: Voted #1 For Affordable Credit Repair.

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