If your creditors file a lawsuit and get a judgment against you, they are allowed to repossess your vehicle and other property, foreclose on your home, and garnish your wages. Not only can you lose the house you live in or the car you have relied on to get to work, but you also lose the value you already made in payments. But now that you have incurred the payday loan (with its ever-mounting interest fees), the question is: How do I get out of payday loan debt? We know your stress is high and financial problems cause a great deal of worry. It’s never fun when your expenses outweigh your earnings and you’re constantly looking for ways to make ends meet. Now that you’ve recognized you need a new financial plan, you can look into your options of how to get out of debt. Rather than worrying, it’s important to get the facts and make some concrete decisions. An experienced attorney can help you review your options and pick the one that is best for you. Call Fesenmyer Cousino Weinzimmer for help. For a free consultation to evaluate your financial situation, call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati). How to Get Rid of Payday Loan DebtThese are some of the things you can do to eliminate payday loan debt: 1. Hard as it is, cut out another weekly expense so you can make double payments on your payday loan. This may mean riding the bus to work instead of driving, staying out of department stores for 3-6 months, or skipping restaurants in favor of cooking at home and taking a bagged lunch to work. 2. Take a look at all your debts together, and prioritize the highest-interest debts. If your payday loan and credit cards have a 28% APR, then you want to pay these first before your 5% or 10% loans. 3. Ask for an extended payment plan on some of your debts, thereby freeing up more cashflow each month that you can use to pay off a payday loan. 4. Refinance with a lower-interest personal loan from your bank, or get a credit union payday alternative loan. Both of these tend to be offered at much lower interest rates than the high-interest loans at storefront payday loan companies. 5. Ask family or friends to give you a short-term loan with low or no interest, and then use that money to immediately pay off the payday loan in full. It’s important to make good on your word and pay back a family member or friend as quickly as possible. Otherwise, relationships can get complicated and damaged. 6. Look into payday loan debt assistance in your community. These can include volunteer financial counsellors and tax assistance, free financial education classes or other financial learning opportunities. 7. Ask for extra hours at work (if possible) or get a second job, such as seasonal retail work during the Christmas holiday. Use that extra cash to put toward the payday loan and pay it off as quickly as possible. 8. If the payday loans were used for gambling, it may be time to ask yourself whether you have a gambling problem. If so, consider seeking help. There are lots of community support groups and treatment programs for compulsive gambling. 9. If the payday loan is just too large and you feel yourself falling farther and farther behind, it may be time to look at bankruptcy as an option so you can establish a fresh start. The post How Do I Get Out of Payday Loan Debt? appeared first on FCW. via Tumblr How Do I Get Out of Payday Loan Debt?
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Bankruptcy is a debt relief remedy established by federal law. Fesenmyer Cousino Weinzimmer attorneys are available to carefully discuss and review your financial situation during your free consultation. For a consultation call us at 614-228-4435. |