I Don’t Get Much From Social Security and Can’t Afford Payday Loans


Dear Steve,

I’m on Social Security.

I get only $579.00 a month. I have 2 payday loans, $657.00 & $557.00

I can afford to keep paying the interest of $147.00 & $95.00 each month cause I’m able to pay anything toward the Principal.

I need some kind of help. What is your charge to help me? Cause if I miss a payment, they hit my bank and take all money at once. I don’t get enough money to pay both, cause then the bank would charge $37.50 each time they send. And request the bank to pay. Please, if you can’t help, could you refer me to someone who can?

Thank you



Dear Hazel,

I’m happy to give you free advice. I do not charge for any services.

I would bet that the payday loans were taken out to help with some expenses because you find it very hard to live on $579 a month.

Typically I would first suggest bankruptcy to terminate the old payday loans, but in your situation, I think the struggle to live is going to be ongoing and more debt might build up so there is no need to rush to file.

I would suggest you contact the very kind people at HELPS, a nonprofit law firm. They can help you with very little—expense to deal with the payday loans and protect your Social Security benefits.


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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