Payday loans can be a tricky thing to navigate. The goal is to get out of debt as quickly as possible to avoid excess interest, and many think the best option is to pay off one loan with another. Not only does this just perpetuate the debt cycle, but it can hurt your financial health in the long run.
Being in payday loan debt can be a scary thing. If your repayment date is looming over you and you can’t afford to pay it back, let us help. Follow these simple steps to help tackle that seemingly impossible debt.
1. Don’t panic. Payday loans are often advertised as a great way to pay for a one-time expense like a home repair, but the reality is that nearly half of all people who take out payday loans use them for everyday essentials like food and gas to get to work. If you’re struggling with a payday loan debt, don’t panic. You aren’t alone and there are options to help you get out of debt without taking out more loans.
2. Stop the borrowing cycle. Many people take out loans that they aren’t able to afford in the first place, and as that debt mounts, they feel the only way to make ends meet is to take out additional loans. The most important thing to do is stop the cycle of borrowing more money. Stop the financial hemorrhaging first, before dealing with the debt that’s left.
3. Cancel the automatic payday loan payment. Your other monthly financial obligations like rent, bills, food, and living costs should come as a higher priority than your payday debt, which should be repaid with money left over after covering the essentials. Your payday lender likely has direct access to your bank accounts to handle your loan repayment, but Progressive Debt Relief can help change that in order to give you more breathing room and help avoid overdrawn account penalties.
4. Repay only what you can afford. One of the biggest issues people face with payday lenders is how their collections processes are structured. You cannot be forced to repay more than you can afford, and we can help you determine what that amount is. Once we know the payment amount that works for you, we can help prove that to your payday lender.
People often take out payday loans during times of desperation, but it is critical to remember that there’s a way out – and Progressive Debt Relief can help.
We are determined to ensure you have the tools necessary to avoid future financial distress, and we strive to help you establish a debt free life with the peace of mind that comes with financial security.
Contact us today to find out more about our services, which can help you get out of payday loan debt.
