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I Am Drowning In Payday Loans
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I Am Drowning In Payday Loans

A former colleague of mine was in the financial industry after the collapse of the economy in 2008. He was doing great until that year, but I never realized how far he had fallen until we spoke over the phone. He told me “I am drowning in payday loans” and that was when I learned about the potential trouble that people could get in. I was even more appalled to hear the kind of hassling and harassment that was coming his way because of his debts. The companies were unscrupulously harassing him and there was only a few things that he could do in order to protect himself.

Take Legal Action Against Payday Loans

Some of the loans that were offered to him had illegally high interest rates that he accepted because he just needed the money. As regulated by the state law, many of these loans should have never been given out. It was unfortunate when they were because he ended up with high interest rates. Eventually it got to the point where he had to call me and say “I am drowning in payday loans.”

Adding to the pressure was the hassling and harassment of many of the lenders who used third parties to try to collect the money. Many of them were using some forms of intimidation that were not only extremely rude, but also illegal in many forms.

Consolidating Payday Loans

Harassment was one major issue to deal with, but my friend also needed to get his finances in order as well and was looking at consolidating payday loans. I helped him to find some of the best payday loan consolidation agencies so that they could speak with lenders on his behalf. By doing this, they could help to reduce the overall costs he would have to incur on his debt. For example, a large outstanding debt with high interest rates could be wiped out except for what was originally owed. The lending companies know he could declare bankruptcy and not have to worry about it anymore so he had some leverage of his own.

It is never a good idea to need a payday loan consolidation company to save yourself, but it is a good backup in the event that you need one. When I heard him say “I am drowning in payday loans” I was really fearful that he was struggling emotionally and physically to maintain his former existence. He was, but he is now back on track.

Street Talk

Good to see you helped your buddy out. Keep up the good work you are doing there are loads of people caught up in this payday loan hell.

  about 9 years ago
Anna Ware  

Thank you first of all for being a humanitarian and being there for a friend in need and second of all for a really good article that can be seen as a warning light.

  about 9 years ago

Sounds like a tough bunch of quicksand get get out of! This is why I don`t loan money.

  about 9 years ago

So true!

  about 9 years ago

Our life is where we don't need any of these thank God. it does break my heart that people do and get trapped by these. Thanks for helping to make people aware of the trap out there God bless Kymee

  about 9 years ago

I appreciate you saying that Kymee. Unfortunately, some people get into trouble with money due to unforeseen hardships, like a medical issue, a car breaking down etc. But we are happy to able to offer a legitimate payday loan consolidation program to get them out of the trap.

  about 9 years ago
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