ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, conducted a new poll by asking the question, "Are payday loans a temporary fix to a crisis?" Overall many participants seem to agree that these types of loans can provide some necessary emergency cash when needed. Bill Cooper, President of ChristiaNet says, "High interest loans are costly but in an emergency situation, people are usually willing to shoulder those costs. Even so, it might be advantageous to do some comparison shopping when opting for high interest loans." (http://www.christianet.com/paydayloans/)
Out of 244 participants, 89 responded "yes" to the survey question. While many agree that payday loans can provide some emergency cash when needed, there are some important issues to consider before doing so. One reader shared an experience by saying, "From experience I fell further in debt. Instead of praying and waiting on God, I decided to take matters into my own hands." It seems that indulging in these types of loans might cause further problems for some borrowers. High interest fees might cause borrowers to get deeper into debt.
One-hundred and seven participants answered "no" to the survey question. The consensus with this group is that while payday loans provide a temporary solution, they only add to the problem already there. One concerned reader said, "If you need an advance you're living ahead of what you are getting and subsequently getting further and further behind." If the problem boils down to bad money management then a temporary fix with some emergency cash won't solve the initial problem.
Forty-eight people were unsure about the survey question. Most readers in this group feel that it depends on the crisis and if it used for a one time scenario versus a solution that is sought often. One participant said, "Unfortunately, I have had to get a few in the last couple of years. Some are just traps and the way you pay them there is no way to get out from under them." Christians should strive to overcome the need to borrow money by adopting some positive money management techniques. Make out a reasonable budget and set aside a small amount every payday for emergencies. For more information, visit: http://www.christianet.com/articles/
ChristiaNet.com (http://www.christianet.com), the world's largest Christian portal with twelve million monthly page loads, receives around one million visitors per month and has 400,000 email subscribers who have access to an online shopping mall, job bank, Biblical and life application resources, free ecards, Christian blogs and friendship communities.