How Do I Get Out of Payday Loan Debt?

Man Looks at Finances

There is no shame in wondering “how do I get out of payday loan debt?”

Life happens. The roof springs a leak, the car needs new tires, or an unexpected illness lands you in the hospital (and off work) for some time. These things can happen to anyone, and if you don’t have an emergency fund in savings, then you might have turned to a payday loan to meet these necessary expenses. When a crisis occurs, you do what you have to do to get past it. It can really feel like a double whammy.

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 Debt

These 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 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.

A Skilled Attorney Can Help

The payday loan debt trap is a common problem when you fall behind in paying your bills. What at first seems like a good solution turns into an ever-spiraling downward descent into a mountain of high-interest debt. It happens so fast. Before you know it, not only can you not pay back the payday loan, but you can’t pay your other debts either.

This is when debts start to pile up and you don’t know where to turn next. A skilled attorney can help. Our payday loan lawyers have helped a lot of clients just like you sort through their debts and bills and make informed choices. You are not alone. If you are overwhelmed by payday loan debt, call us at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati).

Sometimes what you need most in life is a fresh start for a better future. If you have exhausted all other attempts to pay off your payday loan debt — and find that your credit card and other debts are going up and up in the meantime — it may be time to examine bankruptcy as a possible solution. Bankruptcy was created by federal legislation so that consumers can catch their breath, reorganize their finances, eliminate some unsecured debt and get a fresh start. It’s a chance to start over without heavy debt weighing down on your shoulders. Whether it’s Chapter 7 or Chapter 13, bankruptcy can help you start over and get your finances in order.

Call Us Today

At Fesenmyer Cousino Weinzimmer, a skilled attorney who is experienced at helping clients get rid of payday loan debt is available to talk to you and explore your options. We offer free initial consultations. Rather than being consumed by stress or feeling ashamed of your situation, take action instead. Step by step you can walk through your financial difficulties and come out on the other side. And our professionals will be right there beside you. With our skill and experience and your willingness and commitment, we can create a brighter future for you and your family. 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).

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