If youre considering a payday loan this holiday season, I hope my story changes your mind.

I dont remember how long ago exactly, but a few years back I was strapped for cash and couldnt pay my rent. Thats when a friend of mine told me about the magic of payday loans! I could write them a post-dated check for up to $500 and theyd spot me the money until I got paid. Sure, Id be charged $75 for the convenience but that was a price I was happy to pay when the roof over my head was at stake.

What I didnt anticipate is that this one-time loan would snowball into a years long obligation that cost me thousands of dollars and countless hours of stress and guilt.

Had it been a one-time thing, youd be reading a success story. The problem is that payday loans prey on people who live paycheck-to-paycheck. If I cant come up with$500 one week, chances are good I wont be able to do it two weeks later either. And though there were times I managed to buy the loan down to lower dollar amounts, the desperation of my financial situation coupled with the encouragement of payday loan store employees always convinced me to max my loan back out again. As a result, over the course of more years than I care to count, I spent thousands of dollars on payday loan fees.

Bottom line: If you are considering a payday loan, bite the bullet and ask a family member or friend for help. If thats not an option, do all you can to work out an arrangement with your landlord or creditor. If its food youre lacking, go to the food bank. And if the pressure to shop for Christmas gifts is whats driving you toward a payday loan, re-read my story. The presents your kids open on Christmas day will be forgotten soon enough, but the long-term stress and guilt of payday loan debt has the potential to haunt your family for years to come.

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