Payday loans are quick cash loans that you can receive online or at a local loan agency. While they are convenient short-term loans meant to hold you over in a time of need, the ease at which you are able to receive payday loans can tempt you into using them for long-term financial assistance. Because of the high interest rates and penalty fees, borrowers often find themselves in a never-ending cycle of borrowing and owing money on payday loans. This cycle can seem impossible to break, but there are several helpful ways you can put a stop to it.

Ways to Avoid Payday Loan Debt in The Future 

The convenience and ease of predatory payday loan practices are designed to make them attractive to desperate borrowers and hard to pass up on. Fortunately, there are plenty of options for low income borrowers to obtain funds while avoiding the headache of payday loan debt. Some cheaper and safer alternatives to payday loans include: 

· Borrowing from friends and family 

· Using your credit card 

· Selling items on social media or at a garage sale 

· Building a savings account

· Budgeting your finances

· Asking for an advance on your next paycheck 

Ways to End Your Payday Loan Debt Cycle 

Any debt is difficult to tackle, but the high interest rates and late penalties on payday loans can make it even more daunting. Although it may seem easy to take out another loan, the first thing you need to do is break the cycle and learn how to pay off the debt. Here are a few options that make starting this process a little easier: 

· See if your lender offers extended payment plans. Extended payment plans (EEPs) are used to break up your loan payments into smaller portions over a longer period of time. Receiving an EEP will allow you to make those payments without receiving any penalty fees or high-interest rates. Not every lender offers EEPs, so it is important to communicate with them and see what options they have for you. 

· Consider credit counseling services. Payday loans can be difficult to understand, so credit counseling is a good way to see exactly what you owe. A counselor can provide you with a clear repayment path, a new monthly budget, and tips on how to avoid payday loans in the future. 

Break the Cycle for Good 

If you need help out of a seemingly never-ending payday loans cycle, contact Progressive Debt Relief. Our knowledgeable debt counselors can help you create an efficient plan to eradicate your debts and put an end to your constant borrowing. We know just how difficult and overwhelming this process can be, so give us a call at 866-867-1493 for a free consultation.