End The Vicious Cycle Of Revolving Door Payday Loans

Have you let yourself become trapped in a payday loan cycle

? If you have, you are not alone. There are many people who take out a loan with the hopes of paying it off when they receive their next paycheck. Unfortunately, they cant pay it off, and end up taking out a new loan to cover the original cash advance loan. This continues in a vicious circle: each new loan cannot be paid off, which just ends up in accumulated overwhelming debt. So how can you and everyone else pay off these loans? By following these debt-reduction tips:

Know the Law in Your State

Loan customers have to abide by certain laws in each state and country. Oklahoma residents that have taken out three consecutive loans are allowed to make four equal payments to pay off the balance of the loan. This is a good thing, since it allows you to finally pay off the loans.

Ask your local government agent for help and advice on how you can reduce your debt and pay off your existing loans.

Paying off cash loans

You know that when you take out a loan, you have to repay it; period. If you dont pay back the loan, you face an even larger debt load. You have to try to pay back the loan with your next paycheck, even if it means that you may be short of money until you receive your next paycheck.

Alternatives to payday loans:

Sell some unnecessary household items on eBay, or put an ad in your local paper.

Have a sale, and sell clothing, furniture, jewelry or even a car.

Ask your employer for a pay day advance, and ask if you can pay it back in installments.

Ask your friends or family for a loan; set up a re-payment plan.

Add extra income with a part-time job.

To eliminate your loan debt, go out to eat less often, and use money for your debt that you were going to use to go to movies, a vacation, or use for new clothing.

Consult a Credit Counseling Service

If none of the above options will work for you, then you should consider talking to a professional credit counseling service.

Consumer Credit Counseling Services (CCCS) are non-profit counseling centers that can give you advice on your personal financial debt situation. A debt consultant will look over your current financial state, and then offer you options to eliminate your debts. He will advise you to enroll in their debt management plan, which is designed to help you get out of debt, but usually involves a monthly fee to participate in the program.

by: Marlon Jackson

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