In order to eliminate payday loan debt it is important to start by making a list of all of your expenses each month including your bills, your mortgage payment, food, utilities, transportation, and anything else you may have that must be paid for before the end of your pay period. This list needs to be maintained over time as life changes occur. Next, write down every single source of income you have either now or plan to have in the near future, including any overtime pay you receive for hard work. It is also important to thank God in advance for whatever is provided for you in this life. Many people find that keeping a small notebook with an extra cash withdrawal or two in case there is a sudden cut in their budget is beneficial in the long run because it allows them to express gratitude at the same time.
Payday Loan Debt Relief – Is It Really Possible To Eliminate Unsecured Debt With Payday Loans?
Eliminating payday loan debt is often one of the hardest things to do in our lives. Having too many amounts of payday loan debt is stressful and causes so many individuals to live from paycheck to paycheck without enough money for important necessities that they require because of extremely high interest rates associated with payday loans. Also, understand at times obtaining a payday advance is necessary for emergencies only.
After writing down everything you owe or intend to owe, write down a summary of the debts to include the following: personal loans, credit cards, medical bills, utility bills, car loans, and store charge cards. Now you should also add the amount of any other debts including; debt associated with bounced checks, and lost or stolen mail or keys. Finally, ask a family or friend to help you out of the payday loans trap. Many lenders will encourage a borrower to consolidate all of their debts into one loan for easier management. However, in order to eliminate payday loan debt and stay clear of future financial problems you should also avoid payday loans completely.