January 06, 2015
I was watching TV a few days ago when I saw an ad that raised my blood pressure to the boiling point. It showed “Mr. and Mrs. Santa” discussing how to pay for Christmas. Mrs. Santa, in a moment of weakness, recommends taking out a title loan on their reindeer sleigh. They could get up to $5,000, she notes, without a credit check.
Whether using a vehicle or a Santa sleigh as collateral, taking out a title or payday loan to pay for Christmas (or anything else) is an open invitation to months of financial woes. The money is easy to get, very easy to spend and desperately difficult to pay back with the extreme interest rate and fees.
A better alternative is to seek help from family, friends or church. Another extremely difficult choice is to cut back, get creative or do without. While that seems unthinkable, especially at times like Christmas, it’s better in the long term than a payday or title loan.
Our clients who have taken out payday and title loans often find themselves in grave danger of losing their homes, vehicles and jobs when they fall behind on payments.
In addition to harassing the borrower, loan collectors may call their neighbors, family – even their employers. Their personal information, including Social Security number, may be sold without their knowledge.
It seems almost subversive that Santa, the purveyor of happiness and good cheer, would stoop to hawking title loans on TV.
Advice to Santa: If the financial situation at the North Pole is so bad you have to take out a title loan against the big sleigh, please call immediately for a free appointment with a skilled Boleman Law bankruptcy lawyer.
We will help you.
This column originally appeared in the Richmond Times Dispatch on 12-26-2014.
G. Russell “Rusty” Boleman and his wife, Gayle founded Boleman Law Firm in 1991 with the goal of treating everyone with respect and dignity, while providing excellence in customer service and legal advice. Today, Boleman Law is the largest and most well-known consumer bankruptcy law firm in Virginia, having helped over 106,000 Virginians in the last 23 years.
Rusty’s strong commitment to legal knowledge, ethics and community service has made him one of Virginia’s preeminent lawyers.
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