Is there such a thing as payday loan addiction? I believe there is, but I am no psychologist! To me an addiction is a compulsive use of these loans. Sometimes one payday loan after another and sometimes multiple loans at the same time, even knowing that they can not be paid back as agreed. How do I come to this conclusion? I have been there! Several times I chose to take out a payday loan even if I did not need it! Yes, it was stupid, but it wasn't ignorant because I knew what I was doing. I had been sucked into payday loan hell!
Perhaps it is not a payday loan addiction but possibly more of a compulsion. In the end, an 'addict' may take out one payday loan to pay back the other in a nasty cycle of high interest debt! This can impact your life in many disastrous ways. Stress on your marriage or relationships. Do you pay the loan or buy groceries? No problem, just take another payday loan to buy the food! Not the best train of thought but not uncommon! Use these loans wisely or you will get hurt! You may also do irreparable harm to your personal relationships and even cause stress at your place of work. These loan companies are relentless when you do not pay on time! Just exercise a little caution whenever you take out any loan, especially a short term loan, and you can have a very positive loan experience.
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