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It pays to be wary of payday loans in Tennessee

"Do you need money fast?"

"No credit, no problem!"

"Get the cash you need now!"

The above phrases, and countless others like them, saturate the airwaves and play on Tennessee televisions and radios throughout the days and nights. While most people are aware that things that seem too good to be true often are, it is not surprising that, for people in desperate or dire circumstances, these offers can be enticing. Payday loans and check advance businesses feed off this desperation, and can land Tennesseans in deep trouble with debt.

Many of us have experienced times in our lives where we have had unexpected expenditures. A sudden illness, a home repair that can't wait, a vehicle malfunction that jeopardizes someone's ability to get to work. These are just a few of the situations that can lead one to consider a payday advance. And if the credit cards are already maxed out, there may be no other choice.

The problem is, in most cases, the cure to the problem is worse than the disease itself. Because of the fees and sky-high interest rates charged on these kinds of loans, an individual may find him- or herself scrambling to pay back an amount that is much larger than the original debt that needed to be paid, with the numbers climbing further as time goes on.

Coupled with other debts that most households have, such as mortgage or car payments, medical bills and student loans, even employed people who make a decent living can find themselves screaming for debt relief. When this happens, Tennesseans may wish to consider whether filing a Chapter 13 bankruptcy petition is right for them. This kind of bankruptcy is generally for people with an income who are attempting to avoid losing property to their creditors. For more information, please feel free to visit our Chapter 13 website.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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