I have gotten into trouble with payday loans. How can I consolidate them?
Posted by admin on Jul 1, 2009
Ann Vala asked:
I currently have 5 payday loans and I can’t continue to pay the fees every onther week. I can afford about $150 every payday to pay back a loan if I could find a place that will help me pay them off.
tagged Payday Loans
Go to the bank and take out a personal loan to pay them off, then never get a payday loan again.
You need to get a second job or do some side work to get these things paid off. You are in the payday loan trap and unless you do something drastically different you will never get out. Consolidation loans are not the answer. Look for something you can sell. Write down a list of all 5 payday loans, write down the balances put them in order from smallest balance to largest, pay the minimum against each except for the smallest balance pay everything extra you can towards it, keep doing that until it is paid off then move on to the next one, keep doing that until you have them all paid off then begin a pattern of savings. Use the money you were spending to pay the loans off to pad your bank account.
Ann Vala, Be careful when taking out a payday loan. If you don’t read the terms and conditions carefully you might wind up paying more than you expected.