How To Get Out Of Payday Loan Debt?

How to Get Out of Payday Loan Debt?

How to Get Out of Payday Loan Debt?

There are several options for the consumer who feels trapped and wants to get out of payday loan debt:

1. Borrow money from friends and family and pay them all off. Use an online service to structure these loans with low interest loans. This option is not always available to consumers and often embarrassment prevents them from taking this step.

2. Don't pay the loans back. This is not a wise move, as payday loan companies and their collectors may harass you for years to come. Additionally, many of the companies sell their debt to collection agencies that report you to the credit bureaus. This negative reporting could stay on your report for up to 7 years.

3. Payday Loan Debt Settlement is another option for consumers. If you seek out a reputable company, they can provide you with assistance in getting out of payday loan debt. They will work with you to setup an affordable monthly payment, reduce collection harassment and get your loans paid off in as little as 6 months. The length of time it takes to pay off the loans and the amount of your monthly payment will depend on the amount of your payday loan debt and your monthly disposable income.

4. Bankruptcy may be an option as well, but the important fact is that bankruptcy will remain on your credit for ten years. Consumers considering this option are advised to consult a lawyer for a detailed counseling.

In fact, the small short-term cash advances sometimes seem very large because of regular default on making the repayment on the due date. The cash advance lenders usually allow the debtors a maximum of two 30-day extensions for the due date. However, sometimes people fail to repay the complete amount of the loan even after two such extensions. Since, these types of loans are usually availed by low class or middle class people; the accumulated high interest makes the small loan look much bigger after two extensions because it also includes a substantial amount as penalty. In such cases, the lenders usually assign the case to a collection agency, which eventually ends up as one faces frequent harassing collection calls. In such cases, debt settlement comes up with an ultimate solution for you.

by: Messi

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