How Do I Get Out of the Payday Loan Trap? – Gail

Gail

“Dear Steve,

I have 5 payday loans.

How do i get out of this trap

Gail”

Dear Gail,

The best way to avoid problems with payday loans is to not take them out in the first place.

While a short-term loan can be used wisely and successfully, the minute you start taking out additional loans before you’ve satisfied the first you are asking for trouble. Trouble just like you are in right now.

Payday loan outfits don’t generally play nice with credit counseling programs so that leaves you with bankruptcy as the only legal way to nuke your payday loan debt outside of paying it off in full.

Sincerly,


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.
Steve Rhode
See also  Check 'n Go Says They Can't Offer Me the EPP or Extended Payment Plan. - Gene

3 thoughts on “How Do I Get Out of the Payday Loan Trap? – Gail”

  1. I had 4 payday loans and used a loan payday loan consolidation company.  They stopped the interest payments and my debt was paid off in 10 months.  I saved about $7,000

    Reply
  2. I had 4 payday loans and used a loan payday loan consolidation company.  They stopped the interest payments and my debt was paid off in 10 months.  I saved about $7,000

    Reply
  3. Many people find themselves right where you are, in an endless cycle of payday loans trap and can’t figure out how to get out. What I actually had to do (initially because I had fraud on my account) so I closed my original account and opened up a second account. I absolutely did not give my new banking information to the payday loan folks. I had every intention of paying them however I simply could not keep paying the outrageous interest. It got to where I could only pay the interest and nothing was being applied to the principle balance and I started getting behind on my mortgage and other bills. So, again I closed my banking account, opened the new one and then proceeded to call the lenders one by one. I explained that I had fraud on the account and I actually told them I did not at this time open a new account. I asked if I could set up payment arrangements (which stops the interest on the loans and now you can begin to pay down the principle balance) Many will work with you, some say they won’t but eventually they do. Set up realistic payments that you can afford>>most will allow 4 equal payments to be paid, some a longer payment schedule depending on which lender it is. You must take control and under no circumstance give them your new account information. Instead, get a Walmart money card and use it to set up your payments. It can be done!

    Reply

Leave a Comment