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Debt Relief From Payday Loans - What Can You Do?
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Debt Relief From Payday Loans  -  What Can You Do?

Getting relief from payday loans may seem impossible and without any options.

However, that's not true, there are always options. And in reality you have more ability to stop the payday cycle that you're trapped in than you may think you do.

So here are three options you can consider.

Paying It Off

Well duh.. obviously the best option is to simply pay everything off. Unfortunately this is not always an option for many people as they don’t have the extra money to do that – and when you think about it if they did have the extra money they probably would not have needed a payday loan in the first place.

However, to get the extra money to pay these loans off you could borrow from a friend or family member – you could raise money selling items you don’t need – have a yard sale – sell stuff on Ebay.

Now this next option is used by people caught in the same situation you may be in - personally I'm not that keen on it.

Pay only a portion of your other bills. Again only do this if what you hold back will pay off all your loans - don't do this if all it does is extends your loans.

Maybe you can get some overtime at your job to earn the extra money to pay off your loans or if you have a tax refund coming you could use that.

File Bankruptcy (last resort)

Ok this is a very, very last resort. You can file bankruptcy and have the payday loan debt(s) discharged. However, this depends on when the debt was taken out. If you just recently took out the loan, the bankruptcy court may require you to repay the debt in full regardless.

If you’re thinking of bankruptcy and you’re only thinking about it because of your payday loan debt and nothing else – STOP!! – keep reading the next option is your way out without going bankrupt!!

Loan Consolidation – The BEST Option

Your best option is to consolidate your loans. You can find payday loan debt consolidation programs that will lump all of your payday loan debts into one payment, they end the interest and the fees and if you're getting any collection calls those stop as well.

Your credit has no bearing on approval and you don't need any collateral to support the consolidation.

Once you have consolidated your loans, you simply pay the consolidation company one payment each month and in turn they pay all your lenders. Your payments are spread over 6, 12 or 18 months depending on your situation.

Finding the right option for you can take some consideration. However, the worst thing you can do is nothing. If you’re ready to stop the debt cycle with payday loans and you want to consider consolidation or other relief options, do so.

There is no reason to keep finding yourself adding to your debt each week instead of getting these loans paid off once and for all.


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