The Payday Loan Money Pit

If you've hung around this blog much at all, you probably know how I feel about "payday loans", but a prominent article on the front page of Oregon's premier newspaper, The Oregonian, has made it a central topic today: "Loans Up The Ante For Gambling Addicts."

While gambling in itself is enough to torpedo any debt reduction effort, so too will be a trip to the local "payday loan" company.

The interest rates on these things are so high, that if you're a golfer, it's like getting stuck in a sand pit with 10-foot dirt walls. You can swing at the ball all day long and still never make it out.

For those trying to get out of debt, a "payday loan" can literally be a money pit without end. So how do you get out of it? With a vengeance!

That is to say, with all of your might. It will take great effort and in many cases, it may mean having to sell stuff or get a second job.

Of course, if you're struggling with a gambling habit to boot, then I highly recommend some kind of counseling. For those that just made the mistake of taking one of these outrageous loans, well, you've got a tough road ahead, but it's not an impossible one by any means.

It can be done. You can do it!

For the rest of us, avoid these types of loans like the plague. You won't regret it.