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Payday Loan Debt Consolidation Assistance
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Payday Loan Debt Consolidation Assistance

Before I share with you the help that is available to you if you’re trapped in payday loan debt, I came across some very interesting information.

Did you know every year over 12 million people in the United States use payday loans, and a Pew’s survey found that 5.5% percent of the adult population of the United States have had a payday loan in the past five years.

And the state regulatory data shows that on average people will take out eight payday loans per year, and will be in payday loan debt on average 5 months of the year.

What really surprised me was, while you would think that people that use payday loans for the first time would need them for unexpected financial emergencies such as a car repair or medical emergency.

Over 65% of first time users of payday loans are using them for day to day expenses such as food, rent, and credit card payments. And the vast majority of payday loan borrowers are female.

More and more people are turning to payday loans – it is estimated that the annual number of people who will use payday loans will be as high as 19 million people per year.

However people cannot afford to use payday loans, most people can handle a extra $100 per month if they had to make an additional monthly payment, but these payday lenders ask people to payback on average $400 within 2 weeks, no wonder so many people are caught in the payday loan trap.

And this trap starts when a person will use a completely new lender to get a new loan – and then this new loan is then used to pay off the first loan, and in many cases what happens is the borrower will roll this new loan over.

Meaning he/she cannot pay the loan off in full so they get an extension for an additional two weeks by paying a fee and just the interest, but they still owe for the original loan. Unless the borrower gets some outside infusion of cash this whole cycle can and usually does repeat itself. Thus the payday loan trap (cycle).

And now because they are caught in this trap understandable they are looking for a way out of this mess. Some have the advantage of borrowing money from friends or family, some get help for their employers, but more often than not most people are stuck and feel they have no way out.

Unfortunately some people resort to bankruptcy to get out of this mess, I strongly advice against that as it is not necessary.

There is payday loan debt consolidation assistance available to you and it’s in the form of a payday loan debt consolidation program. There are legitimate consolidation companies that will work on your behalf and end your payday loan debt once and for all.

They will contact all your lenders, renegotiate your payments into one small monthly payment, stop all the interest and fees and end any harassing phone calls you may be getting from these lenders.

You don't need any collateral nor is a credit check required for a consolidation program. Depending on the amount of payday loan debt you have this consolidation will be either 6, 12 or 18 months long. And once your consolidation is paid if full you'll be completely free of your payday loan debt.

I hope you found this article helpful – please feel free to share this article.

Street Talk

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