Maine winters may be brutal, and winter that is large bills may be problematic for families to control. Unfortuitously, families struggling to satisfy utility or other bills become goals for lending options that just make things even worse.

Pay day loans are among the list of worst. Typically 14- or 30-day loans at 260 % interest or more, pay day loans promise short-term relief but result in a debt trap that is long-term.

Taking out fully a high-cost cash advance is never ever the best choice for customers dealing with economic hardships, especially bills. That is because payday lenders count on the clients’ failure to pay for the loans and their other costs — forcing them to re-borrow to settle the past loan. Continue reading →