Many are struggling financially and have fallen prey to payday lenders to be able to make it till the next payday. According to reports, “Nationwide, borrowers pay $12 Billion in Fees and Interest Every Year”. Also, “There are more than 20,000 payday lenders in the United States. In Alabama, there are four times as many payday lenders as there are McDonald’s restaurants.” Because of the exorbitant interest rates of these loans, some borrowers will pay more in interest than they will the total amount borrowed!
Life works better when you only spend the money that you have.
“The rich rule over the poor, and the borrower is slave to the lender.” Proverbs 22:7
We must encourage people not to be taken advantage of by these predatory lenders because it can become an endless cycle of borrowing and paying interest. Be sure to listen or watch the full segment to hear this wisdom! We want to hear from you! You can write to us at [email protected]. Greg shared in this segment.
Courtesy of Storyblocks.com