payday loans

Payday loan help

Question: Hi. We are in the payday loan’s vicious cycle and are not sure how to get out. Have any of you been there and done that and lived to tell about it? Our income right now is about 2500 a month. That will increase to about 3100 for October and possibly to 3700 by November. We owe a total of about $2000 to 6 payday places. (I know..stupid!). Some of these loans are years old and just keep getting paid and taken back out. We must stop this, but we don’t know how without just not paying any other bills! We pay 575 for rent, about 400 total for car payments (and one of them is about a month behind), furniture payments of 200, plus all the normal utitilies and a handful of various other loans that are not payday loans but still are rather high interest. We both have just awful credit…probably couldn’t be any worse. And a large amount of student loans that are currently in forebearance. Plus we have 5 children. Also, we got about 900 behind on our natural gas bill last spring and so its been shut off and we have to come up with 1000 to get it back on!

Answer: Been there and done that. The trick is to take out less the following time and only from trusted companies such as, payday loans online (my favorite) or Example: You owe $200.00. Pay it, then only take out a loan for $150.00. The next time pay the $150.00, then only take out $100.00. And so on. It’s hard. You keep paying their interest, but you can ween yourself slowly. Or bite the big one and don’t get out anymore that week. You might also want to consider talking to a financial counselor. They can help you see where to save money and where money should be spent.