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I Am Swimming in Payday Loans and Drowning

Question:

Dear Steve,

I am swimming in payday loans, unsecured debt and I’m not going to make it. I am seriously considering going bankrupt, but I’m not sure that’s the best choice.

I truly need your assistance

Can I get out of debt? I have about 4000 dollars in payday loans and am making payments of about 300 on each of them, twice a month and I’m completely buried.

Carol

Answer:

Dear Carol,

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

It sounds to me as if bankruptcy is worth a serious look. You should find a good local bankruptcy attorney and have a free discussion about what bankruptcy would mean for you. Bankruptcy is the fastest way to get a fresh start for the least amount of money.

The reality of bankruptcy is a lot less scary than the fear and assumptions people have. For example, read Those That File Bankruptcy Do Better Than Those That Don’t.

When thinking about how to deal with your payday trap, approach it from a math perspective rather than an emotional point of view.

From what you’ve said the payday loans don’t add up and you are drowning. Unless you are going to get another job, increase your income, or win the lottery the odds of you paying your way out are slim.

When you compare the general debt-relief options, bankruptcy is the least expensive and fastest way out of debt.

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Damon Day - Pro Debt Coach

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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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