Here are are a collection of quotes and sayings about debt that can help you rethink the way you spend your money. It may help you with start debt repayment. Debt is an evil – work towards paying it off so that you can maintain a debt free life, with less money stress.
- “He who promises runs in debt.” – The Talmud
- “Who goeth a borrowing. Goeth a sorrowing.” – Thomas Tusser
- “Interest on debts grow without rain.” – Yiddish Proverb
- “Promises make debt, and debt makes promises.” – Dutch Proverb
- “The borrower is servant to the lender.” – Proverbs 22:7 Bible
- “When you get in debt you become a slave.” – Andrew Jackson
- “The second vice is lying, the first is running in debt.” –Benjamin Franklin
- “Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.” – Ogden Nash
- “It is the debtor that is ruined by hard times.” – Rutherford B. Hayes
- “We all think we’re going to get out of debt.” – Louie Anderson
- “Before borrowing money from a friend, decide which you need most.” – American Proverb
- “Running into debt isn’t so bad. It’s running into creditors that hurts.” – Unknown
- “Never spend your money before you have it.” – Thomas Jefferson
- “Live within your means, never be in debt, and by husbanding your money you can always lay it out well.” –Andrew Jackson
- “If you think nobody cares if you’re alive, try missing a couple of car payments.” – Earl Wilson
- “This would be a much better world if more married couples were as deeply in love as they are in debt.” – Earl Wilson
- “Small debts are like small shot; they are rattling on every side, and can scarcely be escaped without a wound.” – Samuel Johnson
- “Forgetfulness. A gift of God bestowed upon debtors in compensation for their destitution of conscience.” – Ambrose Bierce
- “Some people use one half their ingenuity to get into debt, and the other half to avoid paying it.” – George Dennison Prentice
- “A man in debt is so far a slave.” – Ralph Waldo Emerson
- “Debts are nowadays like children begot with pleasure, but brought forth in pain.” – Moliere
- “There are but two ways of paying debt: Increase of industry in raising income, increase of thrift in laying out.” – Thomas Carlyle
- “Youth is in danger until it learns to look upon debts as furies.” – Edward G. Bulwer-Lytton
[Video Transcript] We’re going to look to one of America’s most resilient industries, payday loans 1 in 20 households have taken one out at some point. It’s a nine billion dollar industry and payday loan outlets are all over the place.
There are more payday loan stores in America than Starbucks and Mcdonald’s. More than Starbucks and Mcdonald’s! Mcdonald’s! I don’t know that was more than anything in the US the McDonalds, including people and grains of sand.
The payday loan industry has only been around for just over 20 years. Even ebola looks at that growth rate and thinks that’s impressive. you guys spread fast. And it’s not just the number of companies it’s the variety.
You’ve got Fast Cash, Cash Central, Speedy Cash and Quick Cash with the word quick spelled wrong and quick cash with both quick and cash spelled wrong – because what could be more reassuring than a business that can’t correctly spell either their product or the speed at which they’re getting it to you.
There are so many different options there are even services to help match you to a lender and you cannot have avoided these ads. Hi Montel here Montel Williams from Money Mutual. call Money Mutual.com to get up to a thousand dollars in your checking account by tomorrow. a car reapir bill? Paid. Medical emergency? Handled
Extra cash until payday? Done. Thanks Montel. Quick question though. How the hell are you a financial spokesman? Hey! everyone isn’t that the guy who did that episode on how it’s hard to be the less pretty conjoined twin? Everybody be quiet this guy might have some pretty sound financial advice!
When something is this popular and this prevalent, you owe it to yourself to find out exactly what it is. Much in the way that I finally gave in and read all four Twilight books. I’m on team Bella by the way team Bella. She doesn’t need a man to define her. Team Bella.
That’s not the point the point is – What is a payday loan? What is a payday loan? A payday loan is a quick way to get the cash you need to cover an unexpected expense like a car repair doctor bill. It’s called a payday loan because the loan balance is typically due on your next payday.
Oh, that does make sense. I thought it was a loan that you repaid in payday candy bars! Your ways better. Your way is better than mine. Clearly this lady is psychotically friendly. Also seems to have an appealing product.
So how much might accompany charge for this sort of service? Often it’s three hundred or four hundred percentage points on an annual basis. Average annual rate of five hundred and seventy percent. Some of those rates legally are as high as Nineteen hundred percent a year.
Nineteen hundred percent! Even the most demanding abusive football coaches only ask for a 110. Hit him in the Mouth Billy! Now, to be fair, payday loan companies will say these are short term loans. So an annual percentage right doesn’t apply. Which is true if you pay them off immediately. But many customers don’t.
One study showed that three quarters of the industry’s volume was generated by borrowers who have to re-borrow before their next pay period. Basically, payday loans are the Lays potato chips of finance. You can’t have just one, and they’re terrible for you.
And it is when you start missing payments that you’re susceptible, not just too frightening levels of interest, but also to things that you may not have been aware of.
I was like I’d say maybe six thousand dollars. Like the – every payday I was here. Every time I got paid I would pay it off and I’d get another one. An endless cycle. A dead end – I would advise anybody not to do it. I borrowed $250 I thought I would pay it off 325 I actually paid seven hundred dollars but it would have been eleven hundred dollars had I not gone to the bank and put a stop to this.
Eleven hundred dollars! It is not often that a metaphorical slippery slope cost as much as an actual ski vacation. Payday loan companies present themselves as a way for you to get back onto your feet. They don’t want you to get trapped in debt. In fact they’ll help you if you fall behind. Remember the friendly Ace Cash lady from before?
What happens if you can’t pay back your loan? Sometimes people have a hard time paying us back, and we’ll be there to work with you if that should happen.
Yeah no shit you’ll be there for me! Your business model depends on it. Because an actual Ace Cash training manual for employees featured 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.
You’ll notice that has a certain roundness to it. It’s basically a recycling symbol for human misery. It’s the circle of life. The circle of debt and it screws us all. Now obviously we must not generalize about this shitty industry. Some companies hold themselves to a higher standard.
In fact, the Community Financial Services Association of America insists that their members are different from the shadier element of the industry. They even brag about in one of the most boring videos on the internet:
In our industry in I mean let’s be honest there there are some there some companies out there that don’t even follow the law let alone follow a standard a best practices like our member companies do.
All those other companies are awful. Our member companies are pillars of the community did you know that one of them gave a kidney to a little girl in a hospital. She was in there for tonsillitis, but now she has three kidneys. We’re good companies so let’s take a look up their wonderful members and that best practices.
First there’s advanced America one of the biggest companies in the industry, whose co-founder defends his business-like this.
The consumer demand for the product is overwhelming and speaks for itself. Okay that’s fair although it’s also worth pointing out that the customer demand for heroin is also overwhelming but doesn’t mean it’s a product you necessarily recommend to your friends to get them out of a jam.
Advance America is a company whose best practices somehow include agreeing to it $18.75 million dollar settlement in North Carolina after they were accused of illegally high interest rates. But the they’re just one of the 2 largest companies in the business. The other companies Cash America. Okay so how do they practice their best practices?
(News Video) Cash America was ordered to pay $19 million dollars in refunds and fines late last year for illegally overcharging service members and for destroying documents.
So what you like about that? Illegally overcharging service members is up ballsy business practice. They must be the ones driving around with those bumper stickers that say extort our troops. But settlements like those actually something a rarity and that brings us to why the payday loan industry is seemingly unstoppable. They are incredibly good at avoiding regulation.
Just look at one example in Texas. They actually tried to rein-in the payday loan industry there a few years ago. But they face opposition from one particular state legislator.
Members I just do not see why this why this this legislation could possibly be necessary unless it is the big – the big institutions trying to squeeze the little guys.
And the little guys in his analogy are payday loan companies. Although I’ve got to say if you spell little guys with the dollar sign instead of an ’s’ you got yourself a pretty good name for a store right there.
That man is Texas State Representative Gary Elkins and he’s proud defense of the little guy is about to get a little muddy. But isn’t it true that you have twelve very successful payday and title loan locations across the state?
Let me answer that question for him it is true. It is true, he does and they include an outpost of the wonderfully named ‘Power finance Texas’ Can I interest y’all in some power Finance? But apologize i interrupted.
Isn’t it true that…
We don’t need this regulation!
… that you stand add to your personal wealth considerably by killing these bills?
You know what that that is not about the bill…
Mister Elkins do you know the meaning of the term conflict of interest?
Oh, oh, do I know it? Why madam, I am the physical embodiment of that term at this very moment.
You might be thinking that woman Vickie Truitt is awesome! Fearlessly calling out how the payday loan industry influences politicians, which is why it’s going to be so hard to tell you that just 17 days after leaving office she signed on as a lobbyist for Ace Cash Express. You know the circle people.
Now, thankfully Texas also has a Finance Commission which oversees the payday loan industry. Guess who runs that?
William j White is vice president at Cash America and was also appointed by the governor as chairman the state’s Finance Commission which overseas payday loan outfits,
That’s right the chairman of the commission that oversees the payday loan industry is also at the same time a vice president at one of the biggest payday loan companies in the country. I call dingo on that man. Dingo!
So let’s just quickly break all that down. If you were hoping to protect Texans from the payday loan industry you would need to approach a commission overseen by the vice president of a payday loan company and then introduce a bill into the state legislature where the owner of 12 payday loan stores will debate the merits of the payday loan industry with one of the payday loan industry’s future f’ing lobbyists.
Apparently, even clusterf_cks are bigger in Texas.
But the truly chilling skill payday loan companies have is not how they prevent legislation from getting passed, it’s how they will react when it gets through. For instance when Illinois passed an act which applied to loans up to 120 days companies simply began offering loans with terms of 121 days instead.
Which is like betting a dollar on The Price is Right. You’re technically allowed to do it, but you know, f_ck you! Now, it gets worse, when Arizona outlawed payday loans many company shifted to selling title loans instead. Which are basically the same except they also get to take your car.
For regulators it’s like playing legislative whack-a-mole. Just when you think you’ve squashed them down, somewhere up like pop up somewhere else wearing a completely different outfit.
And the most amazing example of all this took place in Ohio in 2008 they somehow capped payday loan rates at twenty eight-percent. Any company licensed as a short term lender had to abide by that. But where one mole falls another mole shall rise.
As of last year, there were no businesses in Ohio licensed as short-term lenders. There was however, a sudden increase of companies registering as mortgage lenders, offering people short term mortgages of around three hundred dollars.
Watch now as the lawyer for a company called Cashland explains this to a judge.
So cashland and would not be subject them to the short term loan act because it’s not registered as a short term lender. Exactly, your honor, the short term loan act, by the legislative enactment, says it applies only to those who register under the short term loan act.
Why even bother calling yourselves mortgage lenders why not just call yourself peanut butter octopus companies? You can’t regulate peanut butter octopi – they don’t technically exist! And in the rare case where states could seed imposing stringent regulations some payday loan companies have one final trick up their sleeve.
Now some payday lenders are found a loophole by partnering with Indian tribes that gives payday lenders the cover of sovereign immunity to avoid state regulations.
That’s right some payday lenders are currently dressing themselves up as Native Americans. I thought only Johnny Depp was allowed to do that!
How does that even work? This payday lender Cash Fairy has teamed up with the Fort Belknap indian tribe in Montana and as you can see they’re charging online interest rates in the seven hundred percent range.
If you can become affiliated with a tribe and be able to obvert local and state laws in my opinion apparently loan sharking is still legal in this country.
That’s true, although let’s be fair no loan shark would ever go by the name Cash Fairy. Hey, you betta I get me dat money by midnight or you gonna get a visit from the Cash Fairy, the Cash Fairy.
Here’s the problem: payday loan companies almost impossible to effectively regulate and they are not going anywhere. A Pew survey found that a majority of borrower’s said payday loans take advantage of them. But a majority also said I provide relief. And that is why they are so dangerous. People sometimes need them.
But you have to be absolutely sure there are No better options. Apparently 41 percent of those surveyed taken out payday loans ended up having to borrow from family or pawn possessions or other things that they could have done in the first place just to pay off that payday loan.
And yet, payday loans superficially do look easier. All these commercials they’re enticing and they’re also everywhere.
The least we can do is launch a counter campaign with a celebrity spokesperson or our own. To remind people to make sure they explore all their better options first
Hi I’m Sarah Silverman. if you’re considering taking out a payday loan, I’d like to tell you about a great alternative. It’s called anything else. The way it works is – instead of taking out a payday loan you literally do anything else. Sell your sperm – sell some blood – throw yourself in front of a rich guy’s car – he’ll throw money at the problem just to make that shit go away.
Are you an old person and need money – take things. You’re old – no one’s gonna stop you. You’re not gonna go to jail. Go to the grocery store right now fill up a cart with everything you need and walk the f_ck outta there.
You know what people who paid a pee on them. That’s true doodies too doodies are more like double. I know this for a fact I… It doesn’t matter. But it’s something that you have to do every day anyway right. By not doing it, you are literally flushing money down the toilet. It’s irresponsible. There’s money inside of you.
India it’s like Dorothy having the power to go home the whole time. The point is no decision in your life will be worse than dealing with these payday loan mother f_ckers, they’re mother f_ckers. They’re f_ckers of mothers. So if you’re thinking about getting a payday loan just simply pick up the phone, then put it down again and do literally anything else. Do it now.
“I can get no remedy against this consumption of the purse: borrowing only lingers and lingers it out, but the disease is incurable” – William Shakespeare