| Are you trapped in payday loan cycle? You get new | | | | your employer to get an advance salary and repay it |
| payday loan to cover your existing loan and it keep | | | | over several pay periods. |
| repeating until you are overwhelming. If you are, you | | | | - Borrow from your family or relatives to pay off your |
| are not alone. Many people take out their first one | | | | payday loan and repay them over several pay |
| hoping to pay off in full in the next payday, but end up | | | | periods. |
| with taking out more loans and scrambling to cover | | | | - Get a second job or part-time job to earn extra |
| one after another until their debt reach to the | | | | money to clear your debt. |
| overwhelming level and don't know what to do. How | | | | - Cut down your monthly expenses and optional |
| to break this payday loan cycle and pay it off? Here | | | | spending such as entertainment, clothing and vacation |
| are 5 practical ways to help you break the payday | | | | to save more money to pay into your debt. |
| loan cycle: | | | | |
| 1. Understand What You Are Up Against | | | | 3. Get Help From Credit Counseling Service |
| Each state and each country have certain law against | | | | If your debt is too overwhelming and something in such |
| payday loan borrowers. For example, Oklahoma's | | | | a desperate situation, you can be out of mind in thinking |
| laws allow payday loan's repeat borrowers who have | | | | a solution. Then, the best option should be getting help |
| taken out three consecutive loans to repay their loan | | | | from finance professional such as credit counseling |
| balance in four equal installments. This is a good | | | | service. |
| opportunity for you to break the cycle and pay off the | | | | Consumer Credit Counseling Services (CCCS) are |
| loan. | | | | non-profit counseling centers that can offer you with |
| You should also be able to find your local or state | | | | individual financial advices based on your financial |
| government representative that can provide help and | | | | situation. A consultant will be assigned to you to |
| advices on how to handle your overwhelming debt | | | | understand in details your current financial situation |
| issue. You may discover more options to pay off your | | | | before proposing options and solutions to your financial |
| payday loan. | | | | issue. These options can be especially helpful to help |
| 2. Pay the Loan(s) off ASAP | | | | you understand your options and what are the best |
| The fact is whatever you have borrowed, you need | | | | solutions to your debt issue. In many case, you will be |
| to pay it back; Let face it. Thinking of paying off your | | | | advised to enroll into their debt management plan so |
| payday loan without any action won't get your debt | | | | that you can follow their plan to work your way out of |
| problem resolve. What you must do is finding a way to | | | | debt. However, it is optional but if you decide to enroll |
| repay the loan in the next payday without getting a | | | | into any debt management plan, you must aware that |
| new payday loan and find some way to get through | | | | there will be a small monthly fee involve. |
| what will be a very difficult several weeks without the | | | | Summary |
| money. | | | | Keeping yourself circular inside the payday loan cycle |
| Some ideas to cash out money to pay loans: | | | | will drag you into overwhelming and stressful debt |
| - Have a yard sale or garage sale. Put anything that | | | | issue. The only solution is finding a way out of it by |
| can be sold such as furniture, clothes, gifts, watches, | | | | breaking the payday loan cycle. Beside, working out |
| jewelry and etc. | | | | your own ways to pay off the loan as soon as |
| - Sell a few things in your local newspaper's free ads | | | | possible, you can get help and guidance from |
| or sell them online at eBay. | | | | professional such as consumer credit counseling |
| - If you are under employment, you may discuss with | | | | service. |