In this episode of the Good Money Moves podcast, we talk about pay day loans and why you should avoid them. We first talk about what pay day loans are, then talk about why they might seem like a good idea before showing how they can lead people into a repeating debt cycle. We also discuss the options for how to pay off a pay day loan.
Good Money Moves is a local Rochester, MN podcast produced through a partnership between First Alliance Credit Union and News Talk 1340 KROC AM & 96.9 FM. Each Good Money Moves podcast episode is packed full of the financial information you need know to be able to make good money moves through every stage of life.
Good Money Moves Podcast Episode Details:
Episode Number: 44
Topic: What you need to know about pay day loans
Topic expert: Michelle Dodd, Branch Manager at First Alliance Credit Union
Episode Length: 26:29 minutes
In Episode 44 of the Good Money Moves Podcast
In this Good Money Moves podcast, we talk about pay day loans and why you should to avoid them. We start the podcast by discussing just what a pay day loan is, then talk about why they might be attractive to someone who needs money, before showing how they often trap borrowers in a cycle of increasing debt. Finally, we talk about alternatives to a pay day loan and what you can do to get out of the pay day loan debt cycle.
Financial Tools and Resources Mentioned in the Show
- First Alliance Blog
- First Alliance's Resource Center
- First Alliance Personal Loans Page
- Debt Consolidation Calculator
Other Podcast Listening and Download Options
- Download it here
- Listen live every Saturday morning at 10:00 AM on News Talk 1340 KROC AM & 96.9 FM
- Explore all the available Good Money Moves podcast episodes here
Want more information about Pay Day Loans?
Check out these additional resources about pay day loans and debt:
- The Pitfalls of Pay Day Lending
- 5 Neat Ways to Find Extra Money in the Budget
- Eight Ways to Pay Off Debt
Start making Good Money Moves in your life! Contact the knowledgeable Advisors at First Alliance Credit Union today to get pointed in the right financial direction.