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I Can’t Sleep Because of My Anxiety Over My Payday Loans. – Michelle

I work at a grocery store. Make about $1400 per month and have 7 payday lpans with minimums of $1400 per month. Help!!!

I have 7 payday loans/ installment loans, really stupid u know! Plus other debt in collections. I can’t pay all the payday loan debt, I’m in way over my head. I’m looking at consolidation. What’s the best route? I’ve looked at solid ground financial and debt 1, is there a better one? Are they really going to help?? I can’t sleep an I’m on anxiety meds please help!!!


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  • hady

    Hi Michelle
    I don’t want to throw out words but the first thing I would honestly recommend is not to punish yourself! You are taking anxiety meds and stressed because of the inner weakness and pain you are feeling. Before you think about the technical solution, think about toughening up and keeping the faith in yourself and in the people around you. Be positive and determined you will solve this.
    However, this is not enough, you have to cut down also on any unnecessary expense now and only spend on the necessary.
    Third, start preparing personal cash flow projections to understand where you are going through with ur current finance.
    Fourth, after understanding ur weaknesses and strengths from a cash position, consult the bank or friends regarding your situations (consolidation would seem a suitable option). The banks want their money back and therefore eventually they will restructure if they found a good plan.
    Finally, you have to commit to the plant you set. Commit you will pay for say 5 years, 500 a month and you will not overspend for whatever reason.
    You can definitely solve it, and many people that were in positions way worst than the positions you are in now (myself for instance) have pulled it off and reached self relief.
    Keep faith in Yourself Michelle, be strong and dont let urself be affected by material things.

  • Sarah

    you def need to look into bankruptcy.

  • MrDarcy

    Are you able to find a friend or relative who is able to lend you the money to repay one of the smaller pay-day loans? (Assuming they’re not 7 x $200 = $1400). If you can pay off just one, and agree to repay your friend or relative even just $10 or $20 per month for 20 or 10 months, then you have a small amount of “breathing space” created – the next thing is to live frugally (which I am sure you are doing already) to clear the next smallest loan as quickly as possible. Two down, five to go – and more ‘breathing space’ created which means you’re more likely to be able to reduce the other loans more quickly by living frugally for a few more months.
    The above is just an idea, and if you clear one of the loans you’ll feel much, much better – like a weight has been lifted from your shoulders – So you should feel more positive and calm about how to deal with the situation. Good luck with it – oh, and try not to fall into the same ‘payday loan trap’ again :)

  • Lourdes

    Hi Michelle debt consolidation is the way to go!

    • Damon Day

      I would tend to disagree with Lourdes, based on the little information you have provided. Given your current income, it sounds like a bankruptcy is going to be a more realistic option. How much is the total principle owed on the payday loans?

      Do you have the ability to save any money towards paying off these loans if you stopped making all of the payments every month? If so, then you could potentially stop paying them, see how much money you can save, then offer a lump sum settlement after several months. If you are unsuccessful, than a BK could be a potential back up option. I don’t know enough about your situation to tell you exactly what i would do, but it is clear that you can’t continue to keep paying on these outrageous payday loans.

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