“Volunteer money trap” has become a favorite game for many in the United States these days. A recent survey done on a sample of 1000 working professionals has revealed alarming facts about the increasing number of debtors in the United States. “Behind the scene” story for this is the alarming misuse of “short term payday loans near me” which are meant to be used only during emergencies.
Many tend to forget that short term loans are specifically meant to be taken only during times of extreme financial crisis, especially considering the fact that short term loans carry high interest rate compared to other general loans. This could possibly be the reason for the striking 88% of USA people in financial crisis today. Interestingly 68% of the population in the debt category earn less than $2500 per month and 15% of them earn less than $1500 but their expense seems to be much higher than their income.
Shopaholics tend to be a good percentage among such debtors and the “control factor” has become really weak today and they easily give into borrowing money and getting stuck with the payments later. Thanks to the “appealing revolution” in advertisement, little can the debtors be blamed!! But the most alarming fact about debtors is that, they use payday loans for buying home décor or for purchasing a car. When the loan companies are scrutinized left, right and centre, very few people get the twilight factor that reckless spending habits are the main reason for the increasing debt culture in the United States.