Bankruptcy and payday loans

Payday loans are the devil! Interest rates for such loans usually exceed 450% and, no, this is not a typo. If the postdated check you wrote for $350 you gave in exchange for the $300 you received is not honored, watch out. It will cost you! Often this results in the need to get another payday loan to cover the last one. Robbing Peter to pay Paul is not the answer.

Bankruptcy can eliminate payday loans. They are normally unsecured debts that can be eliminated in a bankruptcy discharge.

Linked here is an article from the Wall Street Journal illustrating the inequity of payday loans.