<div class="image-container float_right" style="width:480px"><div class="image"><img src="http://static2.businessinsider.com/image/51eff57b6bb3f74b66000011-1200-924/high-line-wedding.jpg?maxX=480" border="0" alt="High Line wedding" width="480" /><a href="http://www.businessinsider.com/">Business Insider / Henry Blodget</a></div></div>For many couples, one of the most important days of their lives can quickly turn into one of the most expensive. Fortunately, it doesn't have to be that way: There are plenty of frugal wedding-planning strategies that can keep your "I dos" from turning into "I wish we hadn't." Robert Eberhard's wedding was a financial flood that rose gradually by drips, rather than a deluge. He and his bride set an initial <keyword id="6358021" type="PERSON" weightage="60" keywordseo="budget">budget</keyword> of $12,000, but ultimately spent closer to $25,000. "Both my sisters got married in small ceremonies, and I thought mine would be like that," he says, "but then things run away from you like a freight train." The costs were so far beyond their means that Eberhard, now a graduate student at the University of Illinois, was still paying off the <a href="http://www.dailyfinance.com/tag/credit+card+debt/" target="_blank">credit card debt</a> from the wedding after the <keyword id="6355896" type="ENTERTAINMENT" weightage="60" keywordseo="Marriage">marriage</keyword> ended 16 months later. "We got to the point six months before the wedding when we should have called it off," he recalls, "but we were $10,000 into it, with nonrefundable deposits." Meg Keene, author of "A Practical Wedding" and who runs <a href="http://apracticalwedding.com/">a website by the same name</a>, says Eberhard's tale is one she hears frequently. "People get locked in by the idea of deposits," Keene says. "But if you've spent $10,000 in deposits, and you're going to put [down] another $15,000 in deposits, calling off that wedding and <a href="http://www.dailyfinance.com/2012/04/25/staged-elopements-dream-weddings-without-nightmare-price-tags/" target="_blank">doing something smaller</a> might be the sanest thing you can do." Small, With No Regrets In contrast, Leslie Bryant of Sutherland, Oregon, says she knew she never wanted a large wedding. She and her now-husband spent $2,500 on their big day, and paid for everything in cash. They invited only a handful of close friends and family, explaining to everyone else that they were only having a small wedding. "Some people were upset at first, but eventually understood, and even said they wished they had done a small ceremony as well," she says.
They rented space from a local rancher who had set up a wedding pavilion on his property, and did everything from setting up chairs to hanging <a href="http://www.dailyfinance.com/2011/08/06/david-tutera-how-to-get-dazzling-wedding-decor-on-a-budget/" target="_blank">decorations</a> themselves. Afterward, <a href="http://www.dailyfinance.com/2011/04/17/cutting-wedding-costs-with-a-little-help-from-your-friends/" target="_blank">everyone pitched in</a>to clean up. "We went as frugal as we could, and even had enough left to take a cruise for our honeymoon," Bryant says. Reframing Your Expectations Keene says that you shouldn't try to re-create a luxury <a href="http://www.dailyfinance.com/tag/wedding/" target="_blank">wedding</a> on a smaller budget. "When you want your wedding to be a replica of an expensive wedding, but cost a lot less, that's when you end up with everything not being great," she says. Caterers and other wedding service providers often have fixed costs, so trying to nickel-and-dime them isn't going to make anybody happy. Instead, Keene recommends picking one thing that is truly worth the investment and streamlining everything else. One client got married at City Hall in San Francisco and had the reception in a local Chinese restaurant -- but flew in a florist from New York, because amazing flowers were what she felt she needed to make her day feel luxurious. "Don't make the mistake in thinking <keyword id="6367159" type="COMPANY" weightage="60" keywordseo="Weddings">weddings</keyword> only look one way," she says. "Most people think weddings are a ceremony, cocktail hour, sit-down dinner and reception with music. Rather than asking how to get a $100,000 wedding for $5,000, reframe it to, 'How do I spend $5,000 on a party where I'm getting married?'" The most important thing is to make sure your vision of a perfect wedding doesn't put you into debt. "Once the wedding is over, you want it to be over," she says. "If you're not able to keep things under control cost-wise, you won't look back on your wedding as a happy, tangible memory you carry with you into your marriage."This story was originally published by <a href="http://www.dailyfinance.com/" target="_blank">DailyFinance</a>.

Too Many Brides Confuse Their Dream Wedding With Reality

Knowing when a particular item will go on sale is just common sense: Chances are you would spend a lot more on a winter jacket in November than you would in April.
But it's more difficult to know when to shop for other products, like wedding dresses, champagne, and used cars.
We came up with a definitive calendar for the best things to buy in every month of the year, based on expert advice from websites like <a href="http://dealnews.com/" target="_blank">DealNews</a>, <a href="http://www.dailyfinance.com/" target="_blank">DailyFinance</a>, and <a href="http://www.cheapflights.com/" target="_blank">Cheap Flights</a>, among others.
Check out our infographic below to see what you should buy this month, and during every month the rest of the year.
<img src="https://static-ssl.businessinsider.com/image/52fa7159ecad040a50f92b2b-800-6461/what%20to%20buy%20every%20month-1.jpg" border="0" alt="What To Buy Every Month of the year infographic">Mike Nudelman/Business Insider</img>

The Best Things To Buy Every Month Of The Year

Sometimes, knowing when a particular item will go on sale is just common sense: Chances are you would spend a lot more on a winter jacket in November than you would in April.
But it's more difficult to know when to shop for other products, like wedding dresses, champagne, and used cars.
We came up with a definitive calendar for the best things to buy in every month of the year, based on expert advice from websites like <a href="http://dealnews.com/" target="_blank">DealNews</a>, <a href="http://www.dailyfinance.com/" target="_blank">DailyFinance</a>, and <a href="http://www.cheapflights.com/" target="_blank">Cheap Flights</a>, among others.
Check out our infographic below to see what you should buy in August, and during every month the rest of the year.<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/52fa7159ecad040a50f92b2b-800-6461/what to buy every month-1.jpg" border="0" alt="What To Buy Every Month of the year infographic" style="line-height: 1.5em;" />Mike Nudelman/Business Insider</div></div></div>

A Guide To Great Bargains Every Month Of The Year

Sometimes, knowing when a particular item will go on sale is just common sense: Chances are you would spend a lot more on a winter jacket in November than you would in April.
But it's more difficult to know when to shop for other products, like wedding dresses, champagne, and used cars.
We came up with a definitive calendar for the best things to buy in every month of the year, based on expert advice from websites like <a href="http://dealnews.com/" target="_blank">DealNews</a>, <a href="http://www.dailyfinance.com/" target="_blank">DailyFinance</a>, and <a href="http://www.cheapflights.com/" target="_blank">Cheap Flights</a>, among others.
Check out our infographic below to see what you should buy this month, and during every month the rest of the year.
<img src="http://static2.businessinsider.com/image/52fa7159ecad040a50f92b2b-800-6461/what to buy every month-1.jpg" border="0" alt="What To Buy Every Month of the year infographic" />

Sometimes, knowing when a particular item will go on sale is just common sense: Chances are you would spend a lot more on a winter jacket in November than you would in April.
But it's more difficult to know when to shop for other products, like wedding dresses, champagne, and used cars.
We came up with a definitive calendar for the best things to buy in every month of the year, based on expert advice from websites like <a href="http://dealnews.com/" target="_blank">DealNews</a>, <a href="http://www.dailyfinance.com/" target="_blank">DailyFinance</a>, and <a href="http://www.cheapflights.com/" target="_blank">Cheap Flights</a>, among others.
Check out our infographic below to see what you should buy this month, and during every month the rest of the year.
<div class="KonaFilter image-container click-to-enlarge"><div class="image"><a title_source="Mike Nudelman/Business Insider" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/52fa6b65eab8ea9d4ef92b2a-960/what%20to%20buy%20every%20month.jpg"><img src="http://static2.businessinsider.com/image/52fa6b65eab8ea9d4ef92b2a-1200-9692/what%20to%20buy%20every%20month.jpg?maxX=800" border="0" alt="What To Buy Every Month of the year infographic" width="800" /></a>Mike Nudelman/Business Insider</div></div>

The Ultimate Guide To Finding Bargains Every Month Of The Year

<div class="KonaFilter image-container float_right"><div class="image"><img src="https://static-ssl.businessinsider.com/image/5419bb336da81117380cbb17-422-559/screen%20shot%202014-09-17%20at%2012.47.10%20pm.png?maxX=480" border="0" alt="Eric Ridley" width="480">Eric RidleyEric Ridley</img></div></div>Many people with credit card debt complain of harassment and humiliation by debt collectors who constantly call them at home and even work to demand payments.
Reddit users with that dilemma recently sought advice from California attorney <a href="http://www.ridleylawoffices.com/">Eric Ridley</a>, who answered a slew of debt- and bankruptcy-related questions in a popular <a href="http://www.reddit.com/r/IAmA/comments/2ghx8q/i_am_an_attorney_who_defends_credit_card_lawsuits/?limit=500">Reddit AMA </a>under the name <a href="http://www.reddit.com/user/ridleylaw">ridleylaw</a>.
"What do most people not know when it comes to debt collectors and being under 'collection?'" asked one Reddit user.<a href="http://www.reddit.com/user/tptguy83" class="author may-blank id-t2_awhqq"> </a>
To which Ridley replied, "Most people don't know that you have rights and don't need to tolerate mistreatment, mistakes, harassment, guilt, endless phone calls, or any other creditor mischief."
Ridley, who has sued abusive debt collectors, made his Reddit audience aware of a <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">law</keyword> that makes it illegal for debt collectors to continue calling them at home and work, as long as the borrower follows a couple simple steps.
That law, 15 U.S. Code § 1692c, applies specifically to communication related to debt collection under the Fair Debt Collection Practices Act. The "ceasing communication" section of the law, <a href="http://www.law.cornell.edu/uscode/text/15/1692c">available on the website of the Legal Information Institute</a>, reads: 
"If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt ..."
The only permitted exception is to inform the consumer that the debt collector is ending further efforts or resorting to "specified remedies," the law continues.
<a href="http://www.consumer.ftc.gov/articles/0149-debt-collection">In other words</a>, the creditor or the debt collector can still sue debtors; they just can't keep contacting them at home or at work.
<div class="KonaFilter image-container"><div class="image"><img src="https://static-ssl.businessinsider.com/image/5419a9a96da81197460cbb20-821-265/screen%20shot%202014-09-17%20at%2011.30.51%20am.png" border="0" alt="debt communication law" width="800"><a href="http://www.reddit.com/r/IAmA/comments/2ghx8q/i_am_an_attorney_who_defends_credit_card_lawsuits/?limit=500">Reddit/screenshot</a></img></div></div>
The law also states that the debt collector cannot communicate with a consumer "at the consumer's place of employment if the debt collector knows or has reason to know that the consumer's employer prohibits the consumer from receiving such communication." 
Ridley explains how easy it is for someone facing constant calls at their workplace to invoke this law to their advantage. 
<div class="KonaFilter image-container"><div class="image"><img src="https://static-ssl.businessinsider.com/image/5419a9866bb3f73f158e9651-815-156/screen%20shot%202014-09-17%20at%2011.30.11%20am.png" border="0" alt="debt communication law" width="800"><a href="http://www.reddit.com/r/IAmA/comments/2ghx8q/i_am_an_attorney_who_defends_credit_card_lawsuits/?limit=500">Reddit/screenshot</a></img></div></div>
Ohio poet and author Joylynn M. Jossel is one example of a victim of harassment at her workplace. She entered a <a href="http://www.businessinsider.com/states-struggling-to-regulate-vicious-cycle-of-payday-lending-2014-8">common vicious cycle</a> of debt through so-called payday lenders, who typically give loans under $500 due on the borrower's next payday. That led to constant phone calls from collection agencies at the office where she worked as a paralegal.
<div class="KonaFilter image-container float_left"><div class="image"><img src="https://static-ssl.businessinsider.com/image/52caf2496bb3f7ab58bfebcb-1200-924/man-working-late-on-phone-5.jpg" border="0" alt="man working late on phone" width="480">Christopher Furlong/Getty Images</img></div></div>
"It never hurt my standing at my company, but I felt like everyone knew what was going on," <a href="http://www.dailyfinance.com/2010/11/02/payday-loans-how-one-woman-got-caught-in-a-vicious-cycle/">Jossel told DailyFinance</a>. "I mean, honestly, everybody goes to the receptionist to get the dirt on employees ... Every time the phone rang, I'd jump like I was the next one in a horror movie to be taken out."
People like Jossel can escape this treatment simply by knowing their rights according to this law and voicing it. Ridley told Reddit users he is concerned about young people's lack of knowledge about finance in general, especially their rights when they find themselves in debt.
"[T]hey've simply never learned about how money works, and notably about their rights when bad people try to take advantage of them," he wrote.

There's A Simple Way To Get Debt Collectors To Stop Humiliating You

<table class="image-container float_right" width="200"><tr><td><div class="image"><img src="http://static4.businessinsider.com/image/4f3c226e6bb3f7f753000056-400-300/boa_edited-1.jpg" border="0" alt="bank of america" /></div>AP Images</td></tr></table>A new credit card from <keyword id="6374849" type="CITY" weightage="60" keywordseo="Bank-of-America">Bank of America</keyword> (<a href="http://www.dailyfinance.com/quote/nyse/bank-of-america-corp/bac" target="_blank">BAC</a>) will offer cash rewards up to $120 a year to cardholders who pay off more than the minimum balance every month. The <a href="http://newsroom.bankofamerica.com/press-release/consumer-banking/bank-america-introduces-new-credit-card-rewards-customers-good-paymen" target="_blank">BankAmericard Better Balance Rewards card</a> gives cardholders $25 per quarter as long as they always pay their bill on time and pay off more than their monthly minimum due amount. Cardholders who also have a Bank of America bank account get another $5 each quarter, bringing the total to $120 a year just for staying on top of their bills and making an effort to bringing down their debt. The rewards can be cashed out or put toward your credit card balance. That's a very different rewards program than you see on standard <keyword id="1592585" type="UNKNOWN" weightage="60" keywordseo="rewards-cards">rewards cards</keyword>, which focus on getting cardholders to spend as much as possible to get cash back. And while those rewards cards tends to be geared toward people with excellent credit, <a href="http://www.latimes.com/business/la-fi-bofa-credit-card-20130305,0,719727.story?track=rss" target="_blank">the Los Angeles Times</a> notes that this card is likely to be aimed at lower-income consumers with fair credit. So is the card a good deal? The rewards are certainly attractive. To get $120 in annual cash rewards on a standard rewards card with 1 percent cash-back, you'd need to spend $12,000 in a calendar year (though bonus categories with rewards of up to 5 percent can allow you to get there more quickly). By contrast, you don't have to rack up a ton of spending on this card to get a comparable cash bonus. In fact, even if you have only a $15 minimum payment, you could put a measly $20 on the card every month, and as long as you're paying a little more than the minimum due amount, you'll reap the rewards. If you also have a bank account with Bank of America, that means you could wind up getting $120 in bonuses on $240 of spending, a tidy 50% cash-back rate.
But that same feature also means that the card doesn't necessarily encourage people to make a serious dent in their balances. Because the cardholder need only pay "any amount more than the monthly minimum due" to get the cash bonus, simply paying a dollar over the minimum would be sufficient to get the rewards. A better incentive to encourage responsible borrowing might be to require cardholders to pay a minimum percentage of their total balance. Another issue is that the annual $20 perk for holding an account with Bank of America might backfire on some consumers. The card, after all, is aimed at lower-income customers, who may not be able to maintain the necessary minimum account balance to avoid Bank of America's monthly account fees. If you're considering this card and you're currently with a bank or credit union that doesn't charge a monthly maintenance fee, you should examine Bank of America's fee structure to make sure that switching banks won't cost you considerably more in the long run. As with any other credit card, then, you'll need to examine your own personal finance habits to determine whether it's a good fit for you. Played the right way, the Better Balance Rewards card can help you make some easy money without significantly altering your spending. Just don't be fooled into thinking it's a magic bullet for eliminating your credit card debt. Matt Brownell is the consumer and retail reporter for DailyFinance. You can reach him at Matt.Brownell@teamaol.com, and follow him on Twitter at<a href="http://twitter.com/brownellorama" target="_blank">@Brownellorama</a>.This story was originally published by <a href="http://www.dailyfinance.com/" target="_blank">Daily Finance</a>.

Bank Of America's New Rewards Card Actually Pays People To Pay Down Debt

<img class="float_right" src="https://static-ssl.businessinsider.com/image/53ea4b5d69bedde86f6a5f10-1200-750/screen%20shot%202014-08-12%20at%201.11.33%20pm.png?maxX=480" border="0" alt="payday lending John Oliver" width="480" />
New York State prosecutors have indicted three executives for allegedly far exceeding the state's limits on interest rates on short-term loans, through so-called payday loans that are often poorly regulated, <a href="http://dealbook.nytimes.com/2014/08/11/new-york-prosecutors-charge-payday-lenders-with-usury/?_php=true&amp;_type=blogs&amp;_r=0">reports The New York Times</a>.
The rare case highlights the risk customers can face from payday loans that can lead them to dire financial straits. It also sheds light on a multibillion-dollar industry that has rarely been the subject of criminal actions, The Times points out.
Payday loans are typically for less than $500 and due on the borrower's next payday, <a href="http://www.consumerfinance.gov/askcfpb/1567/what-payday-loan.html">according to the Consumer Financial Protection Bureau</a>. The loan's finance charge could range from $10 to $30 per $100 borrowed, with a typical two-week loan amounting to an annual percentage rate (APR) of nearly 400%, compared to 12% to 30% for credit cards.
Carey Vaughn Brown allegedly owned a dozen companies throughout the U.S. and overseas to try to dodge American authorities while controlling all parts of an exploitative loan process, including extending loans with exorbitant interest rates between 350% and 650% and collecting automatic payments from borrowers' bank accounts.&#xa0;
Business Insider reached out to Brown's attorney for the case,&#xa0;<a href="http://www.zuckerman.com/paul_shechtman">Paul Shechtman</a>,&#xa0;for a comment and will update if we hear back. He told The Times his client "acted in good faith and looks forward to showing his innocence."
Although New York has laws capping interest rates at 25%, these charges are rare because lenders continue to get away with illegally extending loans at far higher rates. In all, 18 states and the District of Columbia prohibit excessively high-cost payday lending through a variety of measures, <a href="http://www.paydayloaninfo.org/state-information">according to the Consumer Federation of America</a>. But 32 states still permit payday loans at triple-digit interest rates, some without even setting any rate cap.
The biggest trouble for payday lending customers is what happens when they miss payments, leaving them susceptible to fees they may not be aware of and tremendous levels of interest, as John Oliver <a href="https://www.rebelmouse.com/GZ_Politcs/john-oliver-sarah-silverman-sl-667337657.html">has pointed out</a> on a segment of his talk show "Last Week Tonight." More than 75% of the payday lending industry's loan volume is generated by borrowers who are forced to borrow again before their next pay period, Oliver reported.
The training manual of one payday lending company features a circle diagram clearly showing a vicious cycle customers can face.&#xa0;"An actual <a href="https://www.acecashexpress.com/">Ace Cash</a> training manual for employees features a diagram which starts with the customer applying for an ACE loan, moves through them spending the money on that loan, being unable to pay it back, and then being forced to apply for an ACE loan again," John Oliver said on his show.
We reached out to ACE loan to give it an opportunity to comment on the Oliver segment, and we will update this post if we hear back.
The problem persists because payday lending companies find ways to skirt legislation in many states through minor changes. For example, businesses in Ohio have registered as mortgage lenders to escape legislation targeting businesses licensed as short-term lenders - while maintaining the same practices. "For regulators it's like playing legislative wack-a-mole," Oliver said. "Just when you think you've squashed them down, they pop up somewhere else wearing a completely different outfit."
That vicious cycle impacted Columbus, Ohio poet and author Joylynn M. Jossel after she borrowed just a couple hundred dollars but couldn't pay it back two weeks later, <a href="http://www.dailyfinance.com/2010/11/02/payday-loans-how-one-woman-got-caught-in-a-vicious-cycle/">reported DailyFinance</a>. Since she couldn't pay off her debt in time, she became plagued by excessive interest rates.
Jossel then borrowed from another payday lender to pay back her first loan, creating a slippery slope that left her owing money to four different lenders. When she did pay off her loans, she would immediately have to take out another loan to pay her bills. Eventually, she was paying $1,800 toward those loans each month.
That led to harassment from collection agencies. "They tell you any and everything to get you to come in and pay for the check that didn't clear," Jossel told Daily Finance. "They'll tell you, 'You're a criminal, you wrote a bad check. That's against the law, it's a felony, you're going to jail.' They call all of your references and your job. It's horrifying. I felt so suffocated. It felt as if I was in this black hole that I just couldn't get out of."
Jossel escaped the cycle after she received money from an unrelated civil lawsuit. "I have never, and I mean never, thought twice about visiting a payday loan center ever again in my life," she said.
<h3 dir="ltr"> NOW WATCH:&#xa0;<a href="http://www.businessinsider.com/apple-google-dodge-taxes-2014-5">How Apple And Google Dodge Billions In Taxes</a></h3>
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A Rare 'Payday Lending' Case Sheds Light On A Mysterious Multibillion-Dollar Industry

<div class="KonaFilter image-container float_right"><div class="image"><img src="https://static-ssl.businessinsider.com/image/53ea4b5d69bedde86f6a5f10-1200-750/screen%20shot%202014-08-12%20at%201.11.33%20pm.png?maxX=480" border="0" alt="payday lending John Oliver" width="480">YouTube/Last Week Tonight with John Oliver</img></div></div>New York State prosecutors have indicted three executives for allegedly far exceeding the state's limits on interest rates on short-term loans, through so-called payday loans that are often poorly regulated, <a href="http://dealbook.nytimes.com/2014/08/11/new-york-prosecutors-charge-payday-lenders-with-usury/?_php=true&amp;_type=blogs&amp;_r=0">reports The New York Times</a>.
The rare case highlights the risk customers can face from payday loans that can lead them to dire financial straits. It also sheds light on a multibillion-dollar industry that has rarely been the subject of criminal actions, The Times points out.
Payday loans are typically for less than $500 and due on the borrower's next payday, <a href="http://www.consumerfinance.gov/askcfpb/1567/what-payday-loan.html">according to the Consumer Financial Protection Bureau</a>. The loan's finance charge could range from $10 to $30 per $100 borrowed, with a typical two-week loan amounting to an annual percentage rate (APR) of nearly 400%, compared to 12% to 30% for credit cards.
Carey Vaughn Brown allegedly owned a dozen companies throughout the U.S. and overseas to try to dodge American authorities while controlling all parts of an exploitative loan process, including extending loans with exorbitant interest rates between 350% and 650% and collecting automatic payments from borrowers' bank accounts. 
Business Insider reached out to Brown's attorney for the case, <a href="http://www.zuckerman.com/paul_shechtman">Paul Shechtman</a>, for a comment and will update if we hear back. He told The Times his client "acted in good faith and looks forward to showing his innocence."
Although New York has laws capping interest rates at 25%, these charges are rare because lenders continue to get away with illegally extending loans at far higher rates. In all, 18 states and the District of Columbia prohibit excessively high-cost payday lending through a variety of measures, <a href="http://www.paydayloaninfo.org/state-information">according to the Consumer Federation of America</a>. But 32 states still permit payday loans at triple-digit interest rates, some without even setting any rate cap.
The biggest trouble for payday lending customers is what happens when they miss payments, leaving them susceptible to fees they may not be aware of and tremendous levels of interest, as John Oliver <a href="https://www.rebelmouse.com/GZ_Politcs/john-oliver-sarah-silverman-sl-667337657.html">has pointed out</a> on a segment of his talk show Last Week Tonight. More than 75% of the payday lending industry's loan volume is generated by borrowers who are forced to borrow again before their next pay period, Oliver reported.
The training manual of one payday lending company features a circle diagram clearly showing a vicious cycle customers can face. "An actual <a href="https://www.acecashexpress.com/">Ace Cash</a> training manual for employees features a diagram which starts with the customer applying for an ACE loan, moves through them spending the money on that loan, being unable to pay it back, and then being forced to apply for an ACE loan again," John Oliver said on his show.
We reached out to ACE loan to give it an opportunity to comment on the Oliver segment, and we will update this post if we hear back.
The problem persists because payday lending companies find ways to skirt legislation in many states through minor changes. For example, businesses in Ohio have registered as mortgage lenders to escape legislation targeting businesses licensed as short-term lenders - while maintaining the same practices. "For regulators it's like playing legislative wack-a-mole," Oliver said. "Just when you think you've squashed them down, they pop up somewhere else wearing a completely different outfit."
That vicious cycle impacted Columbus, Ohio poet and author Joylynn M. Jossel after she borrowed just a couple hundred dollars but couldn't pay it back two weeks later, <a href="http://www.dailyfinance.com/2010/11/02/payday-loans-how-one-woman-got-caught-in-a-vicious-cycle/">reported DailyFinance</a>. Since she couldn't pay off her debt in time, she became plagued by excessive interest rates.
Jossel then borrowed from another payday lender to pay back her first loan, creating a slippery slope that left her owing money to four different lenders. When she did pay off her loans, she would immediately have to take out another loan to pay her bills. Eventually, she was paying $1,800 toward those loans each month.
That led to harassment from collection agencies. "They tell you any and everything to get you to come in and pay for the check that didn't clear," Jossel told Daily Finance. "They'll tell you, 'You're a criminal, you wrote a bad check. That's against the <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">law</keyword>, it's a felony, you're going to jail.' They call all of your references and your job. It's horrifying. I felt so suffocated. It felt as if I was in this black hole that I just couldn't get out of."
Jossel escaped the cycle after she received money from an unrelated civil lawsuit. "I have never, and I mean never, thought twice about visiting a payday loan center ever again in my life," she said.

You Searched For "DailyFinance" and got 9 results

Too Many Brides Confuse Their Dream Wedding With Reality

Molly McCluskey

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