Payday loan bans-consumer alternatives in Florida

With the number of states pressing to ban payday loans ever increasing there are some very large problems looming on the horizon for many consumers as well. The amount of problems that can appear because people do not have ready access to the cash that they need to pay their bills is always a problem. However, as the economy starts to fall even further towards a recession the number of banks willing to give loans to individuals is plummeting to all time lows. The resulting problems are huge for consumers seeking small amounts of money to assist with unexpected bills. With the number of people defaulting on their loans shooting higher than previous years and the profits for many of the financial giants shooting far into the negative with millions in lost profits the banks are all tightening their loan requirements in FL. Sadly, to say that the consumers who are being left out of the personal loan are those who badly need the money to help survive and handle their short term cash needs. After all, there are times when almost anyone can use a few hundred dollars to take care of an unexpected bill. But with the push to abolish payday loans comes the questions of what are consumers really supposed to do when they are unable to get a payday loan in Florida and their credit typically will put them on the ever growing list of risky consumers?
Payday loans in Miami, Florida
The sad reality is that a lot of people will be looking at jail time. You may wonder how simply not having money to pay bills could possibly result in jail time. But really, it is not complicated. A lot of consumers who would normally be able to turn to a payday loan with bad credit are finding themselves with no options to help them out. This combined with the fact that there are very few other places to choose from leaves consumers with only a couple of options. One of which is bouncing checks for things or services that they need. Of course simply bouncing a check once will not find you on the fast track to jail, but if you are unable to repay the check, or you have numerous checks you could very well find that you are unable to repay all of the checks which could have you facing potential jail time.

Other potential problems that consumers can be facing is being unable to actually pay their utility bills. This can be an extremely costly problem because many areas have expensive policies for having utilities turned back on. Simply put many utility companies require that you pay the entire past due amount, plus a reconnect fee, plus sometimes a deposit or an increased deposit to have your service turned back on. For example, let us assume that your electric bill is $150 and you are unable to pay it. You have a fee of $10.50 added to the bill when you are not able to pay it on time for a late fee. This would then make your bill go up to $160.50. If you are still unable to pay, you could be looking at a $75 reconnect charge after your electricity has been shut off. Add on top of that a potential increased deposit of $150 that is required and suddenly your $150 power bill has turned into $388.50!

With the problems that payday loan do cause in Florida, the potential damage to consumers without a payday loan is often far worse. Taking the time to look for different solutions that will not break the bank are often very difficult to locate and can at times come far too late to really help your finances.…