Payday loans, Cash Advance, Credit Card; How to Get out of Debt or into debt; Easy Money is not Free

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dow2664 On average, those Americans that get hit with a bounced check fee from their lender or bank for insufficient funds end up paying approximately 30 dollars in penalty fees. Avenues to avoid insufficient funds are minimal. Payday loans and cash advances are big business and the business is growing. More Americans are turning down this avenue to receive financial support but are unknowingly setting themselves up for greater debt. A recent report via RateWatch indicated that over 30 million people bounce checks every year and on average they bounce about 10. The unemployment rate is far above average at 9.1 percent and the recent jobs data that posted this week relayed that the number of jobs created in August was much weaker than what most economists were anticipating. Americans are searching out alternatives. The big three alternatives are credit cards, payday loans and various cash advances. Now that credit regulations are tighter, more Americans are applying for payday loans and cash advances. The interest rates for all of these often induce a higher rate of debt accumulation. Big banks are offering more services of this sort as the pool of Americans seeking out this service grows. The government is attempting to regulate but the guidelines are somewhat grey and ambiguous. See the Office of Comptroller of the Currency for more information on regulatory guidelines. Stephen Johnson