Payday loans can drag you into a debt trap due to high costs. It’s easy to rely on those loans, and you may even be able to roll over a single loan multiple times to delay repayment. But easy access leads to an expensive habit, and the money you spend maintaining those loans will prevent you from getting back on your feet.
You can take several approaches to get rid of payday loan debt. We’ll detail these strategies below and discuss ways to prevent the problem from coming back.
Strategies for Getting Rid of a Payday Loan
- Pay off the loan with a new, less-expensive loan.
- Pay off the loan with savings.
- Arrange an extended repayment program with your current lender.
- Temporarily increase your available cash to eliminate the debt. [Read more...]