PayDay Loans have buried me!?
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Ok, so I was very stupid to start taking these loans in the first place. The first one was ok, it was through a reputable company, and for a $500 loan, I ended up paying $600. Not bad. But then I started taking out loans through these on-line places. Between my wife and I, we have 7 out and are paying almost $1000 a month. For some of them I'm paying $90 every two weeks, and that has'nt touched the principal yet. Does anyone have any suggestions as to how I can out from these ASAP. I've thought about debt consolidation. I tried to get a personal loan from my bank to pay the payday loans off, but I was denied. Anyone who has been in similair circumstances and has some advice, it would be very much appreciated. Thank you.
PayDay Loans have buried me!?You need to use the snowball method. Get rid of the one with the highest interest while paying the others with a little more than just the minimum payment. Then once that debt is gone, combine that with the minium to pay the second one, just like a snow ball!!
PayDay Loans have buried me!?I don't recall the name of the website, but there is an "Ebay of debt".
You get to explain your situation, then people will bid on taking parts or all of your debt. You make payments to these people through the site, and just like a credit card, if you don't pay you will be sent to a collection agency.
PayDay loans are the stupidest thing of all time. What were you thinking. Paying $600 to borrow $500 is not okay. That's horrible.
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