Reader Questions

I Need to Take Out a Payday Loan to Cover My Credit Counseling Payment

Written by Consumer

im currently on a debt management plan of 100 per month but needed to take a payday loan out to cover my self for the month but when my payday comes i wont be able to pay both. unless i get it exended till next payday or do you think dexter bell would add this to my current dmp then everything would be ok if they did.

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

See also  Tony Writes In "I Have Too Much Debt On My Credit Cards"



About the author

Consumer

This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.

7 Comments

  • Avoid at all cost getting quick loans from Pay day type lenders… You really just end up putting off the inevitable shortfall of cash…I agree with the other folks on this topic, call the folks who setup the DMP and explain what’s happening.

    Here is my one beef with these DMP’s it’s been my experience that they set you up with some great payment options, however our budget was so tight that when 1 unexpected bill came up we ended up behind… this is when I think that they are in the CC company’s back pocket and really are just trying to get as much $ from you as soon as possible…

  • Unfortunately you have taken a second bad step. 
    Getting Debt counseling is a good first step but then you complicated your
    financials by taking out a loan.  Once you do this you have put yourself
    into an endless cycle of borrowing to pay off one creditor while
    “cheating” another creditor of their trust in you repaying
    them.  It is an endless cycle and will hound you until you come to the
    point of saying “Enough!”  At that point you need to re-evaluate
    your lifestyle and maybe it is time to sell off something that is nice to have
    but is not a “have to have”.

    In order to get back on track you need to seriously consider taking on a second
    job.  The second job does not have to be anything spectacular. 
    Discipline yourself, when you take that job, to use your income form it to pay
    only on your title loan.  Once the loan is paid you are free to quit that
    job or may continue to keep it to help get yourself out of debt sooner by
    applying it;s income to your other debts.

Leave a Comment

Scroll to Top