Posts Tagged ‘Payday Loan Debt Relief’

How to get Payday Loan Debt Relief?

Payday loan debt relief looks like a far-fetched dream for many borrowers who are badly trapped into the viscous cycle of debt that short-term payday cash advances often create. Though it is true that any one can get instant cash using a payday lending program, it is also true at the same time that the repayment has to be made within a very short period of time, which is usually the next payday. Many people borrow these loans without realizing that they are not financially capable enough to make the repayment that quickly. When the miss the payment on the set due date, it pushes them deeper into debt because of the extremely high rate of interest that these loans charge. Besides that, a hefty amount of penalty charges are also applied, such as collection fee, NSF (Non sufficient fund) fee, rollover fee, late fee, and an array of other finance charges. As a result, the outstanding debt soon becomes out of control. Luckily, most states have laws that have been designed to protect the consumers from the payday loan traps. Awareness of those laws is very important. Even if you are feeling hopeless with your payday debts, there are always several options available out there that can help you take control of your finances and debt situation. Following is a brief rundown on it.

Seek Help From Family And Friends

Many consumers hate this idea because of the fear of rejection, which can cause embarrassment. But, when it comes to getting payday loan debt relief, you must seriously consider this option, especially if you are lucky enough to have friends and family members who love you. You can seek favor even from a colleague. After all, life is the game of uncertainties; today, you are in trouble, tomorrow, it might be the case with them; today they are making a favor to you, tomorrow, it might be the vice versa. Just make sure that when you borrow money from them, you have to be very serious about the repayment. Treat such favors as loans and pay them back as soon as possible.

Cash Advance From A Credit Card

If the amount of the outstanding payday debt is not big enough and that can be covered by a cash advance from a credit card account, you may like to consider this option also for payday loan debt relief. The main problem with payday loans is that the debt grows very fast because of the 3-digit APR (annual percentage rate) and unfair hefty penalty charges. When you replace these payday debts by a credit card debt, you can get great relief. The rates will be much lower and you will have better, more affordable repayment options.

Sell Some Of Your Assets

It is very important for you to understand that when debts become too high to handle, you may even have to consider bankruptcy to get payday loan debt relief. Therefore, you need to act fast. Your debts are growing fast with every passing day. Isn’t it be a good idea to consider selling some of your assets that you think you can live without, at least for a temporary period of time. You can again purchase those assets once you get rid of your debts and regain control of your finances. If your debt collectors sue you in the court, it is very much possible that the court will issue an order for wage garnishment or liquidation of some of your assets. Therefore, it is always better to act on your own because such court orders will also damage your credit worthiness.

Overall, the choices available to you might be a little difficult, but if you are serious about getting payday loan debt relief, you must act fast and consider one of the above options.

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