Had My Hours Cut Back and Took Out Payday Loans I’m Having Problems Paying. – Linsey

“Dear Steve,

My husband and I had hours cut backs at our jobs for a while and took out payday loans (5 to be exact : ( ) We are now in debt to our eyeballs with these stupid loans.

What can I do to pay these off but have money lol. They take every payperiod out of my account, plus sometimes on the wrong dates causing us to be negative constantly. I need to find a way to get these paid off but not have them take all these fees out all the time. I dont have the credit to get a loan to pay them all off at once and dont know if there is a “good company” to consolidate.. please help, any advice is great!


Dear Linsey,

You have a couple of options. You can talk to the payday loan companies and let them know you need a reduced payment. Some payday companies offer a liquidation program but there are tight guidelines.

But because these are causing you to be negative each month you are probably looking at a payment intervention. The only court sanctioned way to do this is with bankruptcy. You should probably talk to a local bankruptcy attorney and discuss your situation.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

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