Payday Loans Debt Consolidation

A 2-Step Process To Manage Payday Loan Debt

People often get overstressed when they have to manage payday loan debt. But, if you follow the right strategies with a calm head, you can easy accomplish this otherwise painful task in the most efficient manner. Following is a 2-step process that you can follow in this regard.

Research Your Options

The first thing you have to do is to calculate how much aggregate outstanding balance is still due in your name. How many payday loan accounts you have and how much interest you are paying on each of them. Once you get a clear picture of your current debt situation, the next task is to research your options. For this, you will have to look into the laws applicable in your states. The chances are that you will get some great ways to manage payday loan debt in the law code itself. For example, a large number of states have made it compulsory for lenders to allow borrowers to pay back in easily monthly installments without charging additional interest or penalty fee. If that is the case, the only thing you have to do is to talk to your payday loan company and request them for an affordable repayment plan. Depending upon your specific situation, you may also find that your lenders are involved in certain activities that are nothing but serious violation of laws. In that case, you can even take legal actions against them. You can even file a lawsuit against them for harassing you.

Talk To Your Payday Lenders

Once you have researched all your options on how to manage payday loan debt, you can now go ahead and talk to your payday lenders. If it is an online lender, you must first locate their physical address and other contact details. Internet based lenders often give excuse that since they are running their business online and since they do not have their offices located in your state, they are not obligated to follow your state laws. This is a lame excuse. As per the US laws, as long as the lenders are dealing with you, they must follow the laws applicable in your state. They have to follow the laws applicable in the state where the borrower resides, not just the state where their office is located it.

Overall, when you follow the above 2-step process, you will definitely get your way to manage payday loan debt. If you are still having trouble, you can consider hiring an expert, legitimate credit counselor to assist you with the task.


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