Can Payday Loan Consolidation Help You?

Deciding exactly how to get out of debt is a decision that can be overwhelming for anyone. There are so many options, timelines, programs, etc., that sometimes the easiest thing to do is to sit back and try to forget about it. Unfortunately we all know that procrastination does not typically lead to progress.
One option for eliminating debt that seems to be becoming more popular is payday loan consolidation. This is a process where your payday loans are consolidated into a single monthly payment after your balances have been reduced by professional debt negotiators. Here are three of the ways that payday loan consolidation can help you:

1. It relieves your debt stress

If you are dealing with harassing calls, letters, or emails every day from your payday loan lenders demanding payment then your stress level is probably already elevated.
Enrolling in a payday loan consolidation program will reduce the number of those communications and, in turn, reduce your stress level.
When your lenders realize that you are working with a company to find a way to pay back your payday loans they are less likely to constantly contact you.
Also, the action of handing over your debt to professionals who can help you is a huge stress reliever.

2. It simplifies the process of getting out of debt

Can you imagine just making a single payment every month and knowing that with that payment all of your bills are being paid on time and in the right amounts?
That’s exactly how payday loan consolidation works. You will make a single payment each month for a specified amount of time and the company you’ve hired will be responsible for disbursing those funds to the correct payday lenders.
In store and online payday loans can be consolidated together no matter how many you have.

3. It creates an endpoint

Before your payment plan starts you will be able to review it. You will be presented with options on how much you can pay each month, how much the negotiators were able to reduce your payday loan debt, and most importantly how long the plan is going to take.
The best part about this step is seeing the end date. Rather than living paycheck to paycheck and wondering when you will ever be able to pay off your payday loan debt, you will finally have a date to look towards and know that on that day you will finally be debt free.
You are the only person who knows whether or not a payday loan consolidation can help you. These are just three of the many benefits that come with a payday loan consolidation, there are always going to be more depending on your specific situation. If you are interested in learning more about payday loan consolidation please fill out our free application or call our toll free number to speak with a representative today!

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Top 5 Causes of Debt

We are, unfortunately, a nation in debt. More than 50% of Americans carry a credit card balance with them from month to month, and 1 in every 3 Americans holds 10 or more credit cards. Where does this debt come from? Here are the top five causes of debt in America:

 

1. Reduced income/same expenses

Unfortunately for us, when we lose a job or our salary drops for some reason our expenses do not fluctuate. This is why the most common cause of debt is when income is reduced and expenses either stay the same or increase. In order to avoid this just make a conscious effort to be aware of any changes to your income or expenses so that the balance is not thrown off.





2. Divorce

We may have all heard the statistic that 1 in 2 marriages end in divorce, but we sometimes do not think about the financial impact that divorce can have. For marriages that involve joint accounts, mortgages, vehicles, and children divorce can truly be a complicated web of financial chaos. Some individuals find that signing pre-nuptial agreements can provide the safety net they need in case of divorce.




3. Poor money management

This may seem simple, but mismanagement of money is a leading cause of why the majority of Americans live paycheck to paycheck.
An easy money management mantra to live by is do not spend more than you have.





4. Underemployment

The job market in America is slowly getting better, but it isn’t happening overnight. Because of the struggles that our economy has faced, employers are not able to pay what they should be able to. Most Americans earn less than they need to pay their monthly bills, which leads to little amounts of debt every month that eventually add up.





5. Medical expenses

With or without insurance medical bills can be extremely expensive, but we need to take care of our health. No one wants to deny their self of their family medical care, but it does come at a cost. Emergency medical expenses are one of the top causes of bankruptcy in the United States today.

No matter where debt comes from it can quickly take over your life and cause you stress. There are options to get rid of your debt whether it be through bankruptcy, debt settlement or credit counseling. If you feel that your debt is becoming too overwhelming for you to handle on your own then do not hesitate: call a professional immediately before your situations gets worse.

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