Rich Gilmore

Posted by Online-Payday-Loans.org on Aug 27, 2007 in Opponent, Quotes, Testimonials

“I kept doing the borrowing and paying back and borrowing and paying back… They suggested I go to other places to pay them back. It snowballed.”

Social worker Rich Gilmore describes how the quick fix of payday loans can turn into a long-term nightmare…

Gilmore owed thousands in medical bills and his credit cards were at their limit so he borrowed $500 from a payday lender to pay household expenses.

At first, the transaction seemed like a total success. He got the cash he needed and repaid it two weeks later. Unfortunately, he still needed money for living expenses and took out another payday loan the next morning. One loan eventually turned into several loans from eight payday loan stores.

(It sounds like Mr. Gilmore didn’t give much thought to The Month After and was now on the Debt Treadmill.)

Gilmore hired a lawyer and filed for banckruptcy when his payday loan debt reached $7,000:

“I don’t want to shirk my responsibility, but I was in a situation of desperation.”

Gilmore now swears off payday loans:

“I just feel so incredibly stupid… Reflecting back, I think, ‘How did I let myself do that?’”

Rich Gilmore lives in Commercial Point, Ohio. He is a social worker with two jobs, his wife works and they made about $94,000 in 2006.

Source: Payday Loans: Short-term Help, Long-term Burden? by Suzanne Hoholik (The Columbus Dispatch)

I find it despicable that payday lenders told Mr. Gilmore to go to other payday loan places to repay his original debt. A lender with a mind and a heart would have realized that things were getting out of control and would have suggested credit counselling or a payday loan alternative. If the lender would have worked with him instead of focusing on short-term gain, this story could have had a different ending. Mr. Gilmore could have been spared bankruptcy, the lender would have kept a potential customer and the industry as a whole could have avoided some bad press in the media.

Also, despite what Senator Lowell Barron says, unethical payday lenders do not prey only on the “poorest, low-income people.” Mr. Gilmore is well-educated, gainfully employed and his family makes a respectable income.

The testimonials on Online-Payday-Loans.org are from credible news sources. They are more trustworthy that the testimonials on many payday loan sites. While conducting research for our Compare Payday Lenders page, I found many cases in which testimonials were “borrowed” from competing websites. For more information, please read Lenders Who Borrow in our Payday Loan Tips category.

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