Payday loans are designed with the customer’s convenience in mind. Whether accessed online or at a brick-and-mortar neighborhood shop, payday loans are easily-obtained, small loans intended to tide consumers over between pay checks.
Some jurisdictions limit the cost of payday loans and interest rates, some do not. Either way, these loans are meant to be a short-term solution to financial stress as they always carry hefty interest rates and stiff payback penalties. Using payday loans regularly is not advised.
Payback Difficulties
Unfortunately, many people find themselves chronically struggling with weekly or monthly expenses, then turning to payday loans to bridge the gap. Interest adds up, extension penalties accrue, and what was supposed to be a temporary solution turns into a cycle of ever-increasing debt with crushing payback terms. Studies have shown that consumers struggling with debt can feel overwhelmed, depressed, and alone, which can make it extremely difficult to implement an effective strategy for recovery.
How to Get Out of the Hole
There are steps you can take to break the cycle of payday loan debt. It likely can’t be done without some pain and sacrifice, but the sooner you start, the sooner you’ll be free to negotiate a less punitive plan for ongoing financial management. Most importantly, you’ll realize that you’re not alone and help is available.
Progressive Debt Relief offers a discreet and useful service to those who find themselves caught up in the payday loan debt spiral. Unlike some payday specialists, Progressive Debt Relief will work with you to settle debt without demanding fees upfront. We offer free consultations with their our financial experts to negotiate new terms and settle payday loan debt for good. Since Progressive Debt Relief has been specializing in payday loan debt for more than 13 years, we know the financial lending sector well.
If you’re caught up in what seems to be an escalating struggle to manage your payday loan debt, make a free consultation with one of Progressive Debt Relief’s experienced Account Managers without delay. We’re on your side, offering stellar customer service and extended business hours (weekdays 8:30am – 8:00pm EST), so don’t wait. Call today at (866) 867-1493.
