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Need Debt Help Now? Consolidate Payday Loans Today!
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Need Debt Help Now? Consolidate Payday Loans Today!

Don needed money fast, now Don is saying "I need debt help now!" It is time for Don to consolidate payday loans today!

What happened?

Don got himself caught in the payday loan trap. he needed money right away, so he went to a payday loan company and took out a payday loan for $300.00. They charged him $45.00 in fees and $60.00 to borrow the money for two weeks.

Don now has a payment due on his next paycheck for $405.00 He managed to pay the bill he needed the money for, but did not think ahead to what he had to pay out of his next check. He decided to roll over the loan on his next payday. This way only a $45.00 charge would come out of his check.

Good thinking?

Not really. Now he still owes the $405.00 payment on his next payday, and he just paid $45.00 to roll over the loan. If he pays the loan off in full on his next payday, he will have paid $150.00 to borrow $300.00 for a month, but he probably will not pay it off.

Why not?

Most payday loans are rolled over between 4 and 5 times before the borrower finally pays off the loan. Now if Don does roll it over 5 times he will have paid $285,00 to borrow $300.00 for 3 months.

This is outrageous interest, and if Don is like many people he may have two or three payday loans out at once., or he is in default and the creditors are calling him at work and at home, and calling all of his references. They may even be threatening court action. Thus, he is caught in the payday loan trap!

Payday loan trap?

This is just one example, and this one is a pretty mild example of how these companies work. I have seen people who owe 3 times as much to these companies as they borrowed, and still owe the initial principle yet. A $1000.00 payday loan could end up being over $3000.00 to pay back!

What can he do?

If he is smart he will get busy finding himself to a payday loan debt consolidation company. These people will stop his interest from climbing any higher, and they will stop the calls and collection action.

They can put Don on a low Bi weekly or monthly payment plan and have this debt cleared up within 18 months, Don would at least be able to make the payments and have some peace at work and home from all the calls.

If you have payday debt trouble, get help fast by contacting a loan consolidation company today!


Street Talk

Wow! I'm glad I never took a payday loan. Payday debt trouble sure calls out for a payday loan debt consolidation company. It seems like you can get into really big trouble fast without even having any kind of life threatening disaster occur.

Reply
  about 6 years ago

yes you could. It adds up so fast Cynthia!

Reply
  about 6 years ago

Very scary that people are being abused like that by loan sharks.

Reply
  about 6 years ago

Yes it is mark, and they are getting robbed by the best sharks in the business.

Reply
  about 6 years ago
Meredith  

I completely agree with everything that Golfspice said. You can never be too careful.

Reply
  about 6 years ago

They will simply drive you to the poor house.

Reply
  about 6 years ago
Golfspice  

Sound advice Shawn. In particular, I object to the disingenuous advertising by loan companies (and banks) that make out they are doing you a favor by lending money at exorbitant interest rates, which inevitably leads to deeper financial problems for many borrowers.

Reply
  about 6 years ago

I so agree. At least if they do need help we are here for them :)

Reply
  about 6 years ago

Hi Shawn, Thank you very much for a very informative article.

Reply
  about 6 years ago

Thanks Geoffrey!

Reply
  about 6 years ago

How can one be your affiliate?

  
  about 6 years ago
William6  

I have seen way too many people get caught up in the payday Loan trap. To be caught up in this is a real bad place to be. Hopefully your well thought out article will prevent someone from making this mistake.

Reply
  about 6 years ago

I hope it helps some from diving off the cliff! thanks for stopping by!

Reply
  about 6 years ago
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