This Article is About
payday loan
payday loan company
gloom and doom
loan cycle
financial challenge
medical one
light at the end of the tunnel
out of the blue
ups
time frame
nightmare
loans
Help For Payday Loan Debt
Join 1000's of Authors at StreetArticles Today!

Help For Payday Loan Debt

If you’re reading this article I’m pretty sure I know your story:

Your life was sailing along with no real big ups or downs and then out of the blue a financial problem popped up.

From everyone I have talked to it seems this financial challenge is usually a medical one, a mechanical one (your car breaks down) or and I know this sounds redundant – a financial one.

And by financial I mean your income is not enough to cover your monthly bills. If it's like many people it's because you got less hours at work that month and then you get behind for things like; electric bill, gas bill, rent, phone and cable.

Then you see what you think is a light at the end of the tunnel – a solution – and it’s called a payday loan. What looks like a solution is a HUGE nightmare waiting to happen.

I don’t want to sound like Mr. Gloom and doom, but the reality is over 50% of people who get a payday loan cannot pay it back within the time frame given. No matter how much money you borrow the lenders want it back in 2 weeks plus fees and interest.

And you know why the loans are so short, because they know over half of the people that borrow cannot pay the loan back in two weeks – and that’s a good thing for the lender.

Now they can look like they are there to help by offering you an extension – better known as a roll over. All you have to do is pay this small fee and the interest and they will extend your loan due date by another two weeks.

Of course they want to do this – they make more money off of you – plus you still have to pay back the original loan. And then when the new due date comes about – a lot of people will have to roll the loan over again.

And when they can’t roll the loan over anymore many people will go to another payday loan company to get a new loan to pay off the first loan, and this cycle repeats itself over and over again, and now you're caught in a payday loan cycle, just where the lenders want you.

It’s just horrible how these lenders are praying on people with their backs to the wall.

Ok, small rant over – the title of the article is: Help For Payday Loans.

And there is help for you, there are companies that are standing up and fighting the battle against these predatory lenders.

Here's the help you're looking for:

The most effective way to get out of your payday loan debt once and for all is to contact a company that offers what is called a payday loan debt consolidation program.

In a nutshell what the company does is contacts all your lenders, re-negotiates a new repayment plan – and this payment plan will be way lower than anything you’re paying now.

They will stop all the fees and interest, plus you'll never have to see or talk to your lenders ever again. You see you will make your payment to the consolidation company and then they pay your lenders.

And to top off all the good news you do not have to qualify for the program or have collateral, and the reason is this is not a new loan.

So go find a quality company with a consolidation loan program today – and say goodbye to your payday lenders for good.

I hope you found this information helpful - and if you know anyone caught in the payday loan trap please share this article with them so they can end their payday loan nightmare.


Street Talk

No comments present
You May Also Like
Eliminating Payday Loan Debt - People Targeted for Scam
The documentation that businesses and databases maintain in the modern era is something that many people fear. Many of the things that every person does on a regular basis are documented and used in order to sell products or services. Sometimes the data is even used in order to scam…
By: David Schmidt in  Finance  >  Debt Management   Jul 18, 2012  
8
  Likes: 7

Payday Loan Laws In Oregon
As one of the most progressive states in the United States of America, Oregon has hit the nail on the head for payday loan laws. Their protection has made sure that many of the consumers in the state are not only protected from predatory lenders, but are also protected from…
By: David Schmidt in  Finance  >  Debt Consolidation   Oct 02, 2012  
7
  Likes: 8

Payday Loan Hell
In the Christian religion, and some other Judeo-Christian religions, the concept of “hell” has taken root. Many people fear hell in the afterlife and therefore maintain good relations while they are living. However, the people who are suffering with families every day are in their own type of hell on…
By: David Schmidt in  Finance  >  Debt Consolidation   Aug 30, 2012  
28
  Likes: 13

How Do I Get Out Of This Payday Loan Trap?
Working with payday loan clients, I have heard a lot of sad stories in my day. Without a doubt the worst stories are from parents who have responsibilities and have still fallen into the payday loan trap. I dread hearing “how do I get out of this payday loan trap?”…
By: David Schmidt in  Finance  >  Debt Management   Nov 02, 2012  
4
  Likes: 7

Missouri Getting Help With Payday Loan Debts
It is a well known fact that the payday loan industry funnels millions of dollars into the campaign treasure chests for many different Congress men and women. In fact, one of the states that has the biggest industry of payday lenders is the state of Missouri. They have been able…
By: David Schmidt in  Finance  >  Debt Management   Aug 10, 2012  
13
  Likes: 11

How Can I Get Out Of Payday Loan Debt?
In the consolidation business you hear a lot of people asking “how can I get out of payday loan debt?” and the answer is always the same: through hard work! Still, there are some simple tricks that you can use in order to get rid of this debt. This is…
By: David Schmidt in  Finance  >  Debt Consolidation   Oct 31, 2012  
2
  Likes: 3

Gift Giving And Payday Loan Debt
Although it may sound like a stretch to discuss giving gifts and payday loan debt in the same sentence, the two can be very closely related. Birthdays and holidays can be a huge financial drain on resources during some of the most crucial parts of the year. Right when the…
By: David Schmidt in  Finance  >  Debt Consolidation   Jun 26, 2012  
9
  Likes: 5

Payday Loan Laws In Florida
If you are thinking of getting a payday loan and you live in this state you need to check out the payday loan laws in Florida before you take the plunge. They are very much lender friendly and are set up around existing lender laws so they can legally do…
By: Shawn Lee  in  Finance  >  Debt Consolidation   Oct 29, 2012  
13
  Likes: 6

How to Get Rid Of A Payday Loan Fast
Anyone who has gotten into payday loan debt is aware of the negative affects it can have. Not only is credit destroyed, but stress can become an ever-present problem in your life that simply does not go away. The additional interest rates will continue to plague you and your family…
By: David Schmidt in  Finance  >  Debt Management   Dec 08, 2012  
5
  Likes: 5

Help Payday Loan Debt
There are many ways that you can help payday loan debt, but the first is to avoid it altogether. This might sound counter intuitive, but we are going to use this article to help you to avoid debt altogether so that you never have to worry about this crushing problem.…
By: David Schmidt in  Finance  >  Debt Consolidation   Jan 31, 2013  
2
  Likes: 4

Payday Loan Help In New York
Millions of men and women have been affected by the recession in 2008, but that does not mean that debt and other issues have to be a major concern. The people of New York were especially hard hit due to the fact that they were in the financial capital of…
By: David Schmidt in  Finance  >  Debt Management   Sep 28, 2012  
3
  Likes: 7

Help With Payday Loan Debts
Men and women are increasingly looking at bank and payday loan statements in bewilderment. Almost no other industry could get away with the type of abuse that they are able to get away with when it comes to interest rate payments. These types of payments are nearly impossible to pay…
By: David Schmidt in  Finance  >  Debt Management   Oct 02, 2012  
5
  Likes: 6

Virginia Payday Loan Laws
As one of the first states in the nation, Virginia is always looked to as one of the examples when they create their laws. In the case of payday loans, this is also the case. Virginia payday loan laws are not very complicated to understand, but many people do not…
By: David Schmidt in  Finance  >  Debt Management   Oct 05, 2012  
6
  Likes: 7

Online Payday Loan Traps, Have You Been Caught?
Kind of a catchy title, "Online Payday Loan Traps, Have You Been Caught?" unless you have been caught. There are traps to be watched out for when using these companies that will make them very wealthy and you very poor, all in a very short time. My story today is…
By: Shawn Lee  in  Finance  >  PayDay Loans   Jan 30, 2013  
22
  Likes: 19

Payday Loan Debt Help – How to Rid Yourself Of Those Loans
The American economy has been so poor for the past four years that many families are having serious trouble maintaining a family. There are many Americans who have been unable to keep their job through this downtown and the unemployment rate does not seem to be decreasing much every month.…
By: David Schmidt in  Finance  >  Debt Consolidation   Jul 21, 2012  
12
  Likes: 8

Article Views: 1361    Report this Article