My wife had not been home for Christmas in 5 years, we had a new born nephew we hadn't seen yet, and neither of us make abundant amounts of money. We live humble lives and don't have things outside our needs. After Hurricane Katrina struck, the plane ticket prices skyrocketed. Trying to be a good husband, I took out some payday loans to help us out. I don't have family or a network of friends to borrow from. I found myself stuck. I was repaying the finance charges each month, and had to take out more loans to pay them off. In June I couldn't pay the rates anymore. At one point it was $1,400 a month! My bank became overdrawn and my account was closed. I've made arrangements with a few of the companies to repay them, but not all of them. I was threatened with jail last week. Can I be prosecuted? Some people say that as long as I didn't take the loans out with intent to commit fraud, I'm safe. Others are saying differently. Please help!
2006-09-19
09:12:38
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4 answers
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asked by
James B
1
in
Personal Finance