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Payday and car title loans can create overwhelming debt Atlanta, GA

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Payday and car title loans can create overwhelming debt

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As the economy continues to struggle, many Georgians find themselves struggling with debt. Whether from an unexpected medical condition, decreased wages, unemployment, or high debt burden, individuals may find it difficult to make their minimum payments on time. This overwhelming debt may force individuals to look elsewhere for funds, which could cause them more financial troubles.

Two popular options for people struggling with debt are payday loans and car title loans. A payday loan often requires a borrower to post-date a check and then pay fees and interest on a loan. The interest rates are usually quite high and it is often difficult for the borrower to pay off the entire balance when due. When this happens, the borrower usually rolls the loan over, creating more fees and interest to accrue. These types of loans often create a debt spiral that is difficult to get out of.

Car title loans can also be dangerous for borrowers. Under these agreements, borrowers use the title to a vehicle that they own as collateral for a short-term loan. These loans, which typically have a term of 30 days, can carry triple-digit interest rates, making it difficult to pay the full amount when due. However, a late or missed payment can result in a borrower’s car being repossessed. Losing one’s car can make it difficult to get to work, making the financial struggle that much more difficult.

Those who find themselves trapped in a cycle of debt can find debt relief. Speaking with a legal professional may be the smartest way to discover available options, but for many, bankruptcy may be the best strategy. Bankruptcy often carries a negative connotation, but it can provide debtors with the fresh financial start they deserve. Chapter 7 bankruptcy, in particular, may allow debtors to liquidate their assets and eliminate debt. They may even be able to keep certain property that is exempt from bankruptcy proceedings. In the end, debtors should take comfort in knowing that options exist, and should not be afraid to discuss those options with a trustworthy legal advocate who will protect their rights.

Source: U.S. News & World Report, “The Truth About Payday, Pawnshop and Car Title Loans” Jenna Lee, May 22, 2014

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
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    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

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    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

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    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

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    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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