There likely isn’t a single person that would say they enjoy being in debt, but that feeling is even worse when it feels like there’s no way out. If you’re one of the 12 million Americans who take out payday loans each year, you have likely felt something similar.

If you’re in payday loan debt, there is hope – you can break the cycle of debt for good.

Why it’s so easy to get buried in payday loan debt

Payday loans are a form of unsecured personal loans that are targeted at people who need money quickly, but don’t have the means to secure a more traditional loan. The only requirements are typically an active bank account and a job.

Payday loans are structured to keep people on the hook for as long as possible. Here is a breakdown of what typical payday loan debt looks like:

· It isn’t short term – In fact, the average borrower is in debt for a full five months each year

· Fees are huge – The average borrower pays $520 per year for multiple loans of just $375

· Many borrow for the wrong reason – payday loans are meant for emergencies, but 70% of people use them for everyday expenses like gas and rent

Getting out of payday loan debt

The first step to paying off your payday loans for good is to stop the vicious cycle – but it can be tough to know where to start.

Here’s a look at some of the options commonly used to get out from under payday loan debt.

· Extended Payment Plans (EPPs) – If your loan came from a lender who is a member of the Community Financial Services Association (CFSA), you may be able to enter into an EPP to help you repay your loan. This gives you more time to repay your debt without any additional fees or interest, and you won’t be turned over to collections as long as you don’t default on your EPP.

· Credit Counseling – When an EPP isn’t an option, credit counseling may be a desirable route. Their job is to help you get out of debt, but payday loans can present a unique challenge, as they often have terms that make them difficult to work with. A credit counselor can help restructure your payback, negotiate a settlement, or adjust your monthly budget to help you make your payments on time.

After you’re free from the nightmare of payday loan debt, it is important to do everything possible to not fall back into the vicious cycle.

At Progressive Debt Relief, 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.

To find out more about our services, or to schedule a complimentary consultation, contact us today 877.590.1847.