By: Hannah Hermann
Whatever happened to that kid who had a mother that always bailed him out of any trouble he got into? He grew up never knowing how to be accountable for the messes he got himself into.
The same thing goes for people who use payday loans. If people did not have the option of being bailed out of a bad situation every time they spent too much money, then they may be more fiscally responsible.
Allowing people to have money they do not have or have not earned yet takes away their fiscal accountability. Those people who spend beyond their means for pleasure often do not allow enough cash on hand for necessary bills. Payday loans allow patrons to be bailed out of a bad situation, much like the parents who say their children never do anything wrong. Spend now; pay later is the mentality that these loans encourage.
Payday loans are a way people can be irresponsible with their money, but still be able to pay bills. If people are always handed an easy way out, when will they learn to take care of themselves? In some cases it is understandable that you may be in financial trouble, but payday loans charge interest on money you do not have. This does not financially help you at all.
With so many people involved in others’ lives there is a way to borrow money from someone and not be charged a high interest rate. There may also be a different form of repayment, such as doing chores around the house. Having a payday loan is like having that mom that always bails you out, because no matter what happens, they will be there to save your butt from trouble. Having that person always there will not teach most people how to manage money responsibly. People who rely on others to get them out of trouble will never learn the true meaning of “growing up” or being independent, they will always have that want for someone to help them.
Payday loans give those people a reason to live as if they need their parents still; they never truly are on their own or have full responsibility for their actions, like spending money they do not have. In today’s society, the responsibility level of young adults has decreased because businesses that promote payday Loans are there to get them out of trouble; as well as having people in their lives that have never truly taught them how to be responsible with their money. If you are one that falls into this category, you may forever need someone to help you. People need to realize that they do have bills to pay, and they need to learn how to manage their money without the help of others.
An alternative that young adults should consider is saving a small amount from each of their checks for a rainy day. This small sacrifice each week will allow money to be available for those extra events that may occur in their lives.
In some cases payday loans just encourage the behavior of blowing money and not giving a care in the world because the business will be there for me next time. These people are the ones who think that life is just fun and games and that they do not need to worry about their responsibilities because they just wanted to have fun with their friends.
Payday loans are not a good thing for an individual because they do not encourage them to have responsibility for their actions or to become accountable for their actions when they screw up. People should not have the option of having someone there to save them when they blow their money.