I Can't Pay My Payday Loans
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- Опубликовано: 1 июн 2024
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The poorer the neighborhood, the more payday places there are.
uuummm I wonder why????
The poor pay more. Cheers!
Yep. My wife almost went im to one and I stopped her. I told her that there is no way out of that loan.
@@jonnychingas5757 Because poverty is a mindset not a condition.
@@delailama736 -it's both. Poverty is a mindset that produces a condition
she sounds so young and lost. this is why financial literacy education is so important. where are the resources for our youth 😩
Dave's program is already in over 50% of high schools.
IRON-PANDA it wasn’t in mine 😔 I live in Oregon btw
The resources are in the schools. We just don’t believe we will use it so we don’t pay attention. We use algebra/ math everyday in finances. You learned how to do percentages & calculating interest in school. You are taught the applications in school, but in the adult world you have to apply it.
They teach silly unimportant subjects in school like art history.
@@ochenhetree And teaching kids about 57 fake genders. The entire education system has to be re-done from the ground up
She's so young. Dave went daddy mode real quick. Good job with the mini rant. :-)
He did...I love Dave Ramsey...poor Natalia...at Least she called
I liked that! Hopefully she's good now.
Dad mode lol
That was such lovely dad mode!
Payday Loans are illegal in Maryland.
Not true
E-Live Da God l mk NB as l I
Massachusetts too
They are illegal in North Carolina also.
Good cuz there's a lot of idiots out there that tie this rope around their neck
his kindness on this call moved me
Brandon, Dave doesn't talk down to anyone. I've heard women who he makes clear about "beans and rice, rice and beans" selling cars etc.
Me too❤️
This is not only a financial issue, it's an emotional issue. Compulsive shopping can be a sign of depression or a form of self destructive behavior.
shopping addiction is real as well. I don't know if that's what she has of course, I'm just stating that it can be as debilitating and destructive as much as any other addiction. the payday loan "industry" is shameful!!!
'This is not only a financial issue, it's an emotional issue. Compulsive shopping can be a sign of depression or a form of self destructive behavior'
is that the millennial way of saying she doesn't have any personal responsibility?
That was extremely kind, patient and generous of Dave to break it down to this young lady. I certainly hope that she LISTENS to him and changes things around.
+Patrick Parcivel you sound like an idiot.
+Patrick Parcivel I've never taken a payday loan for anything and I too am college educated and have no children but I can recognize that she sounds more naive and ignorant than an idiot. It seems she's been living in a protected world with daddy but wanted to be like her friends and shop big. They may have told her that it was an easy way to borrow money that she'd be able to pay back since she is employed. It definitely wasn't a wise decision by any means but smart people can make idiotic decisions and it doesn't necessarily make them an idiot. Now, if she ever signs up for another payday loan after this, then I think she could more aptly be called an idiot.
Respectfully, Patrick Parcival, the caller's not an idiot, as she is clearly a very skilled manipulator, at least of her dad and likely others who keep supporting/enabling her poor stewardship and responsibility with financial decisions and obligations. But I agree that [until everyone cuts her off], she probably will not listen to the advice, and will probably not attend the financial course nor take advantage of any other similar generous resources to turn her situation around - because it actually takes work and effort.
+Mike Brown (Bassist) So True... Good to see people have a difference of opinion without the nonsense.. Still Hope!
she won't do even a word of what he said that's what these poor people do, keep making the same mistakes
Bless her heart. Admission is the first step to recovery. At least she's not defending herself and being very honest. We all make mistakes one way or another.
time to grow uo
Elizabeth L I agree! She is brave to call. At that age I was stubborn.
She needs to get a job!
yup, I've learned about finances and loans unfortunately by making mistakes... :-/
Steven Bentsen mee too
Dave says "good lord" for $5000 the same way for $500,000
Well its because this is a pay day loan so you've got a loan at an insane apr. so 5k is ALOT
Thomas Pane
$5000 for 300-1000% APR
Also... He is reacting to its proportion of her yearly salary! She said she makes 22k. 5k is HUGE relative to that in addition to the fact that the 5K is predatory loans.
Yes and the fact she is a very young adult and already was piling 5k in debts to the worst place ever.
$5,000 in payday loans is worse than $500,000 debt in a mortgage.
Thank you Dave for being compassionate!
+Silas G Too generous, IMO.
I disagree with the other people who commented and I agree with you. Dave was extremely compassionate with her and I appreciated it.
he told her the truth about what she did Tittle Pawning is dumb. What she did was stupid. You should never Tittle Pawn it will just put you in debt. Dave said it himself Tittle Pawners and the IRS are loansharks they will take your money, they will repo your house and car, and they will put you in debt. Avoid them at all cost.
I dont understand why ppl come on the comments and put everybody down. They made mistakes, apparently we all have if we are watching these. Sometimes u have to know better to do better.
Well said
Very well said!
Because people love to judge
It’s one thing to make mistakes. It’s another thing to already be 5k in debt at 21 just to go shopping
I think most are critical of the mistakes not the individual. The more the mistakes are published the less others will make them. I believe that’s the philosophy of his show.
I used to manage 4 payday loans offices for a company in Canada. I literally could not sleep at night. I made awesome money, sure, but on the backs of people who were (sorry) stupid with their money or in the direst of situations or had addictions issues and were trying to commit fraud. Three years I stressed out there and finally quit. I couldn't do it one day more.
Yikes!
Makes me sad to think of staff in that industry strategizing how to make the business more profitable... 💀💀💀
It may seem stupid, but many come from not great home situations and have terrible credit so no one will lend them money except these ass hats.
surprised no one was smart enough to skip on payments. Debt is statute barred after 2 years anyways in Ontario, and the amounts involved here are strictly small claims court. Court of equity with a destitute defendant and a plaintiff that is a predatory lender. The second they file a defense, you as a lender are pretty much screwed
@@tommyshanks4198 in order to get the loan you give them all the info and proof necessary for them to serve a garnishment on your paycheck. That's why it's called a "payday loan." It's a debt secured by your paycheck. In the states, there is no statute of limitations on debt. (A judgement is good for seven years, and then they can get another judgement.)
Sure, most lending companies won't chase down a small debt. But payday loan places will. That's what they do, and they have the money to do it. They have a system in place like a science. Once you skip your payment, the clock is ticking, they are going to start the legal process, it's a matter of time.
No rent, car was a gift from Dad, she only has to pay for insurance and gas, why in the heck did SHE need a payday loan and HOW did it get to five grand??? I thought a payday loan had to be paid off before you could be approved for the next one. Does her father even know?
lovethemflowers she's a naive 21yo girl. What do you expect?
Age isnt an excuse. Clearly her dad spoils her and never taught her anything in life.
Some states allow unlimited payday loans lol
lovethemflowers
In theory you’re right but I had 3 at one time.
Some people skip from point a to point b to point c who finally pays off point a who gives the loan to pay off point b who pays off the loan from point c...
I'd rather fly a cardboard sign on the street than visit a payday loan center.
good call
Tai Rhoades correct they are legal 🦈 sharks.and its a billion dollar industry
I used to think like this till a coworker's kid got ill and needed money for medicine ASAP. She was walking to a payday loan center because what else is she going to do? She would die for that kid if need be. Just count yourself lucky to be in your situation.
@@sawsee28 I bet there are right wing trolls who'd say, "yeah but taking the payday loan was still her decision. I mean she had a choice to let her kid die."
@@TykoBrian7 Richt Wing? Lefties are the ones that got no problem killing Babies
So u don’t have a car payment, no rent, so where does your pay check go? Uh shopping
gitting mah hair and mah nailz dun ... rolls her eyes ..
@@SundaysChild1966 I mean would it be better if this was a Valley White blonde and she said "Like bags and Nails yaaaah" and flipped her hair? *Shrugs* Stupid with money is stupid with money. Lesson learned watching Dave Ramsey, majority of us broke because of ourselves, not anything else, not even the income level. Makes $17k, virtually no bills, could save $10,000 a year for 5 years because her Dad letting her stay, that's what some kids do vs financial nonsense then they pop out of college with $50,000k in the bank and a decent job making $40,000 annually which is a better start than 90% of us here at 24 years old.
SundaysChild1966 she sounds nothing like that at all...
At least she was honest about it
@@jroberts7387 yeah
I always love how high interest equates to physical violence with Dave..”beating your face in...kicking your head in....beating the snot out of you...” lol
I'm glad she was honest. Makes it easier to relate and wonder how people get into these situation. Hope shes doing well now.
I really appreciate this call and how you handled it and helped her. I did the same thing, rotating the check advances bi--weekly. SMH Lasted for years. One day, I just spent my whole check and paid those suckers off. I told them, ' I won't be back!!' they said, Yes you will. That was 12 years ago and now I'm financially on-track with a 700+ credit score. Booo-yahhh!! it's possible. They are thieves!!
Ooooo weeee! That comment they made put the fire under you! I did the same thing and then was in disbelief because I couldn't pay them off. Paid it off and never fell into that trap again.
It's funny how people come on here to judge others like their way into debt was more noble.
Brandon Campbell exactly.
A payday loan is a scam
it's funny! people get in debt from stupidity!
ebsen raptzski ikr. I understand emergency debt, but some of these people are in debt over a car payment, or living beyond their means, with rent, clothes. I feel no sympathy at all. I have been driving my old Junker cars for years, and will not buy another one until I have the proper income to do so. I still will never spend more than 3 grand for any vehicle. That is simply to difficult for most.
Been there and done it all as a young man. Found myself with 5k owed to my Da and the same on a credit card. It took a long long time to walk back out. And hard too. Lots of friends went by the wayside while I couldn't go out to play. Bills plus €100/month for discretionary. Bus or cycle to work.
I owe money again to my parents but this time it was used as half a deposit to buy a house. But I'll have that paid by next year.
Best advice my dad gave me when I was 16 years old in 1986 was save a $100 a month. Have your bank do an automatic withdrawal into a RRSP. I was making $3.25 an hour but still did it. At age 29 years old as a first time home buyer I had enough saved to put 10% down on a $79,000 townhome. It has all been uphill since. Thanks dad for the advice.
you're canuck tho
@@ellenorbjornsdottir1166 Yeah and it's a huge advantage to never worry about medical debt. Canada rules!
When I was 20 i couldn't go to college because of shopping..they didn't have easy student loans back then . I did Dave Ramsey before Dave Ramsey was Dave Ramsey.. I was able to go to nursing school at a state community college at age 23. Now almost 30 years later I have 3 paid for houses and only have to work as a nurse about 6 to 9 months of the year . I travel and live my life persuading other interest. The suffering I went thru being stuck an unable to go to college changed my life forever. i was trapped and HATED eddy second. I now get to live like no one else I know. I pray for you Natalia
Just say NO to payday loans!
And if you're hungry go see your pastor hahahahaha
What are they?
@@lionheart93 Are you asking for the definition of payday loans? They are short term loans that are typically advertised as a way to get through an emergency, with the balance due just after your next payday. The interest rates are extremely high, when expressed in terms of APR, due to the fact that they are short term and high risk loans, due to the fact that their clients usually have bad credit.
@@lionheart93 basically a place that loans you let say 200 dollars. And in 2 weeks you need to pay them back 250 dollars.
Natalia I paid off my payday loans (which I was rebooting every two weeks for 13 years) in December 2015 and every payday I do a little dance because I don't have to give them anymore of my money. It took four paychecks but now I'm free of it.
13 years?! Ouch!
Wendy Schafer Good for you. I was stuck in this evil cycle for years myself. I know how it feels. It becomes normal to have your paycheck going to the dogs after awhile. But once you get free, its the best feeling in the world.
@David Godfrey You pay it back, plus a huge fee for interest, then you're broke. So you get another. And pay it back on payday. And then you're broke. I've been stuck in that cycle. It's just 500 but that's the difference between rent and no rent. It starts with an unexpected short check and no emergency fund. So you just get a little payday loan thinking it'll be fine next check.
Omg 13 yrs I hope you’re doing good now.
I would love to hear a follow up on this young lady 3 years later....bless her heart!
Payday loans are meant to get People deeper in debt.
Great to see Dave Ramsey teachng the world of how these loans work.
you handled this very well Dave.
I just love it when he says " Good Lord!"
"shopping". MADNESS
Stone Cole: or, just spoiled and enabled all her life thus far
😂😂😫😫😫😫😫
"If you're hungry, go see your pastor!"
PREACH
I'm so addicted to these videos, they're making me late for work. 🤣
She did the right thing to call in. I would pay them off while I still with dad and learn Dave Ramsey system.
So many young people get over loaded with debt that they fail. Thing are higher now and mistakes like these cause you to make wrong choices.
When the school loans starts coming due she needs to have her head straight because she will need to make more or work more hours plus spend less.
Its better she made the mistake at 21 than if she did this when she was living on her own or with kids. Payday loans will lead you to homelessness
Yeah I couldn't agree more. Sincerely, they should be outlawed... Period. Maryland state has the right idea making them illegal.
The homeless are not homeless because the took out a payday loan, They;re there for other reasons. Bad loans are NOT a cause of homelessness , That's Silly
Exactly 💯
I got into those places once 15 years ago. It was a mess. I had to live without my Gas for 3 months in the winter and eat ramen noodles and peanut butter sandwiches. I put an electric heater in my sons room and I used my electric blanket. I boiled hot water on my electric stove for hot baths and got through it. I have never gone back. No matter how tight money might be I just ask myself how I would get through it if borrowing wasn't and option and then I do that.
man, Dave's so quick with mental math it's very impressive.
Wow! I "REALLY"wish i had someone like Dave Ramsey, teaching and showing me how to better myself when i was growing up. I though i knew enough and usually dont listened to anyone until i heard how Dave said it. If Dave have any children(s) i know they'll handle life much, much better then me. Cant argue with you Dave, you're a father figure i wish i had. Thank you Dave
I'm 27 years old and this is my first time hearing about payday loans. That stuff shouldn't even be legal.
My heart goes out to her, I’ve been there. I remember telling the Lord, if you get me out of this, I will never go back again. The Lord Blessed me with money, I paid them off and I haven’t looked back since.
Pretty sure your job blessed you with money
@@aaronbeardsley3261 That made me chuckle. I need that lord to do the same for me. 😂😂
Me too! I had payday loans and God blessed me with money. I will not be at a payday loan store anytime soon!!
I wonder if she really DID take her tax refund and pay it toward her payday loan. If she did, it had to be painful not to spend it on fun stuff, but she shouldn't have been dealing with payday lenders in the first place.
lovethemflowers That would be the best way to pay off this debt
I was feeling sorry for her until she said she spends all her money on shopping!
I love how he talked to her like she was his daughter; so sweet ❤️
He just blessed her so much! He knows she's clueless but I like how he helped her work it out and gifted her the class
It makes absolutely no sense for this young lady to be in the situation that she is in. She pays no rent or barely any living expenses, what the heck is she spending her money on.....she has to realize that she is her worse enemy, please take dave's advise or you will never climb out of the hole that you're in.
Paul Costa SHe might as well be shooting it up for all the good it's doing!
Debra Williams everyone makes mistakes, she is young .
I wanted to know why she needed a payday loan? She lives with her father and has no car payment. She has limited responsibilities and she works. Unless she needed extra money for school, I don't see why a payday loan was needed.
+John Williams Women are big spenders. My mom stayed at her parents house until she was like 25+. Yet she had tons of credit cards. I don't know what you would need 5k for tho. Thats a big chunk of money. Unless she tried to jumpstart a business and it failed.
+Aaron Nice generalization there. I'm a woman never been a big spender, yet I know MEN who are...
j3ss4ndr4 Im speaking based off numbers. Im in the ecommerce niche so I know all the stats. Mainly for online shoppers. Women are like the 80% of all online sales. But your right men do spend as well just not as much. You here about the occasional man on his midlife crisis buying a motorcycle but thats about it. Men dont "shop till they drop". The movie confessions of a shopaholic comes to mind.
+John Williams She probably has an iphone 10 and shops at expensive boutiques.
Aaron She could be wayyy ahead of us
God Bless you Dave. Took your time mentoring her. Great stuff
So simple to fix, IF she actually does it right.
Guaranteed she went shopping right after this phone call
0:43 "Good Lord!" 😂😂
8:43 "We've all done stupid by our own free will. I'm glad everything I did at 21 years old is not broadcast for 10 million people to hear it....good lord could you imagine." 🤣🤣🤣🤣🤣🤣
"shopping. I'm not good with money" translates to "I know what I need to do but I won't do it." Telling yourself "I'm not good with money." is just a lame excuse you tell yourself so you can continue being irresponsible.
P
I agree completely, I can tell she's not going to do a single thing Dave told you to do. She's a total daddy's girl.
Well she is calling in so she’s probably ready to get out of this situation
Why are u on this channel u most of had issues too
@@meymay11 She's calling in because she too ashamed to tell Daddy and too selfish to do what she knows is the right thing to do.
Payday Loans such snakes
Thankfully, I've never had to deal with payday loans.
If you pay them off at payday, no problem.
Payday Loans are awful. I got a ☎ call 3 weeks ago about a payday loan I took out in February of 2007. It was a $1,500 loan.
They tried to play games with me and said the last time they attempted to take 💰 out of the Bank of America account. I called Bank of America my account was closed in September 2007 the same month I filed for bankruptcy. I had $15,000 in credit card debt.
I wrote a dispute letter that day and have yet to hear back from them. I used my Chapter 7 bankruptcy to be better with my credit. I now own a 🏡. I have under 1,500 in credit card debt. I paid off my $14,082 in student loans. Some people do learn their lessons from payday loans.
+Mike Nelson Did you not read all my story? I filed for Bankruptcy! Turned my credit around. I wasn't responsible with my money 💵💵💵. But then got my financial life together.
The payday loan people illegally contacted me almost 10 years after my bankruptcy. Clearly they don't practice with ethical standards.
+Mike Nelson Doesn't matter your opinion of my past mistakes! All that Matters is in a court of law, I show my Chapter 7 bankruptcy discharge papers and this payday loan contacting me was illegal. My bankruptcy covers this as I declared it as a debt. Facts over feelings. 🇺🇸💖🔫🔈📢🎤
People really credit cards... That's a scam
Katrina Umana. If they call you again record the calls. These folks violate the FDPA and the FCRA like nobody's business. They are well beyond the Statute Of Limitations and cannot contact you on this matter.
I hope you stay in debt for the rest of your life
I used to work at a couple Payday/Auto Title lenders in Texas. If this was one of my store locations the wage garnishments would be 100% bluff. It costs in money and time to report to credit agencies, pay a repo company, or go to court to garnish wages for one person. They would rather make Reps they're already paying hourly to hound you or at the very least settle for a lesser amount.
If you can't pay it, just tell them you can't pay at the moment. Keep the car closed in a garage or parked with another car in front of it. Only settle for the principle amount and one month of interest. In a debt snowball, I'd skip it until after baby step 3. F'em. Had to quit cause I couldn't handle the guilt anymore
Good job on that call. Lots of empathy and compassion for her.
These pay day loan places are all over the place where I live, it is sad.
Payday loans should be illegal nationwide
Bria Humble worldwide. they are real leaches . Every country
Ignorance pays itself
I disagree. They can be quite a big help to the people with poor credit who need them in an emergency. Without payday loans, people may turn to truly illegal sources. In the caller's case, perhaps she should have just shopped less.
Amen
Agree
I really hope we hear from her on the show again when she’s a millionaire
Positive energy!!!
She better become good with money
FPsGameFreak And real fast too
Love this show and learned so much. GOD BLESS YOU DAVE RAMSEY
This show is like Dr. Phil for finances, lol. I love it.
They're both based on common sense which unfortunately some people lack.
This is one of my favorite videos so far. I love the way he handled that so kindly yet firmly.
great simplified advice Dave! 👏🏾👏🏾👏🏾
man i dont miss the days when i made 22k a year
ImVeryBrad I agree with you. Good god! Crazy
If only I could get up to 22k a year! :)
I wish I made $22K!
Christ, I pay that in tax.
capnskiddies look out for this guy
Many comments below are very nasty and make alot of assumptions. I wonder why. People call in who have messed up. That is why many click on this to listen. Is it necessary to pile on and say horrible things about the caller that you imagine based on nothing more than their accent? Not very Christian if you ask me.
Truth and compassion baby, great job Dave!
i was needing this talk right here. thank you DAVE! gives me hope to be out of debt soon enough.
Something tells me she wont listen and they're gonna come after her.
DONT GO TO COLLEGE WITHOUT KNOWING ANYTHING ABOUT FINANCE
love all of your stuff dave!
Love ya! You truly sound like a true DAD!
I love Dave!
Shes got to stop shopping and spending, she ll be alright, help her uncle dave
Mr ramsey i love you man .i learned lots of stuff from you thank you
I remember in Arizona they made payday loans illegal, so they got around it by renaming them " payday auto loans" which not only made them worse as now people risk losing their cars as well. This is just legal loan sharking.
I don't understand how people get into debt from shopping & going out to eat. I only buy a new item of clothing approx once every 3 months or when the old one is unwearable. Like $30 on an item of clothing 2- 3 times a year shouldn't really affect your budget
Lisa Ann I my bf and I are the same way but ppl get suckered into the fashions and the bs ...trust me I see it in my community. People don’t even have their metro cards together but they buy lunch everyday and have the latest uggs on!
Wow. I wish I worked a minimal skills job and lived for free and had a dad that gave me free cars at ~20 years old.
Paul Standaert so you are hoping to become a loser
No, he is mocking the idea of being able to have a life without responsibility, having everything given to you.
I'm glad her father is there to help her along until she graduates
Why? That’s a sad life.
Dave Ramsey is great. His honesty comes through helping this girl.
I admire your empathy.
God bless Dave Ramsey
He said “you heard me” lol
Great help Dave!
Great advice Dave!
Love how Dave took his time with this. Sometimes people do stupid things, doesn’t mean they’re stupid people or that they can learn better. She’s young enough to build good money habits now.
Well you borrow why not paid back that's why no one lends money
Her honesty helped her more than she'll know for years.
Dave is incredible. Scolded without judgement. This woman learned the hardway but she learned.
and in the UK the rates are 3000%
She sounds like she is shopping online while on the phone listening to Dave...
Lol.....
God bless you Dave.
Great video!
Now if only loan companies had the same relationship as my crush does to me: 0% interest
Destruction 100
Something tells me Natalia didn’t take Dave’s advice.
Good job sir ramsey
Dave really is a good hearted decent man for helping people like this. I hope this young lady turns it around. She has plenty of time even at a modest income to be a millionaire by the time she retires. Montel Williams should be ashamed of himself for endorsing loan shark payday loans. Disgusting.
I’m so lucky, I don’t even know what a payday loan is.
it sounds more like she's financially illiterate rather than undisciplined.
Love you Dave Ramsey!
God bless you for what you’re doing.
Did she seriously take out $5,000 from Payday Loan center or was that just the accumulated interest?. It is so easy to lose track of spending. A credit card is also very dangerous to have in your pocket because of how convenient it is to put things off for another day because you can have that brand new Flat Screen today.
Azhraeya its sounds like accumulated interest
If she’s shopping that much I bet she’s got a lot of stuff to sell
Mr. Ramsey, you give the best advice.
I like that she knew all her numbers. some of the older callers don't even know what they make or owe. good show Dave!