Reader Questions

How Do I Get Out of Payday Debt? I Have 10 Payday Loans. – Robin

I have never missed a payment but am scared it is going to happen for I have 10 payday debts. I am grateful for help but can’t keep up payments.

My question is can I get help consilidating these payments so they get thier money they loaned me,but keep it affordable so I can stop the cycle.

Robin




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About the author

Steve Rhode

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.

9 Comments

  • Hi Robin,

    You could try getting a personal loan if you have a stable income from a bank, or you could try getting a secured loan where you put up your car as collateral to get the loan. I would only suggest that since you said you have been consistent on your payments.

    The benefit of having all the payments consolidated on one bill might make you feel much more at ease, and can help you chip away at paying off all your debt completely. If the loan doesn’t work, you can make a payment plan for yourself to tackle one debt at a time (pay minimums of all the other debts and put all extra money in to paying off one debt obligation at a time).

    If you have difficulty with this, you may want to seek professional help on creating a debt repayment plan from a non-profit company.

    Good luck!

    James
    Financial Planning Student

  • Hi Robin,

    You could try getting a personal loan if you have a stable income from a bank, or you could try getting a secured loan where you put up your car as collateral to get the loan. I would only suggest that since you said you have been consistent on your payments.

    The benefit of having all the payments consolidated on one bill might make you feel much more at ease, and can help you chip away at paying off all your debt completely. If the loan doesn’t work, you can make a payment plan for yourself to tackle one debt at a time (pay minimums of all the other debts and put all extra money in to paying off one debt obligation at a time).

    If you have difficulty with this, you may want to seek professional help on creating a debt repayment plan from a non-profit company.

    Good luck!

    James
    Financial Planning Student

  • Robin-

    did you get your loan over the internet?
    if so, think there is a good chance that you can get some relief.
    i’ve been doing research in this area and many consumers don’t know their legal rights.

    send me an email– [email protected].

    be happy to see if I can help.

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