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http://www.stlouisbankruptcyattorneyhelp.com St. Louis bankruptcy attorney Frank Ledbetter,
a Chapter 7 and Chapter 13 bankruptcy specialist warns against a popular Payday loan debt strategy.
Hi, I'm St. Louis bankruptcy attorney Frank Ledbetter. I've been a St. Louis bankruptcy
attorney since 2003 during which time I've helped thousands of Missourians obtain debt
relief through both Chapter 7 bankruptcy and Chapter 13 bankruptcy.
I've seen people who in a desperate attempt to stay current on paying their bills decided
to take out payday loans. The payday loan is a recent type of unsecured, short-term
loan for those who are in need of cash and unable to obtain it from other means.
Years ago I was shocked when I started seeing the interest rates for payday loans, some
of which are in excess of 600% annually.
Payday lenders often require the deposit of a post-dated check at the time the loan is
taken out, which the lender may cash if the borrower doesn't pay the loan on time.
Unfortunately, despite the best of intentions, payday loan borrowers may be unable to repay
the loan on time, may have insufficient funds in their bank accounts to cover the checks
they gave the payday lenders, and may become subject to criminal charges for insufficient
fund check charges after the lender attempts to cash the post-dated checks they previously
received.
If you are thinking about taking out payday loans because you are otherwise unable to
pay your debts on time, you owe it yourself to consult with a bankruptcy attorney about
your options to eliminate your debts through bankruptcy rather than jumping into taking
out payday loans.
You may call today to schedule a no-cost, no-obligation consultation regarding your
rights to obtain debt relief under Chapter 7 bankruptcy or Chapter 13 bankruptcy.
Or if you want to know more before you call, I want you to have my FREE SPECIAL REPORT
that reveals tips and strategies good people who've suffered through tough times can use
to turn things around. Just visit StLouisBankruptcyAttorneyHelp.com to get your own copy sent to you right away.