Keeping your head above water

If you’ve had to take out payday loans to cover emergency expenses, you’re not alone by any means. Most of us have been in that situation before when you have to do whatever it takes to pay for car repairs, emergency travel, or even to keep bread on the table. And while we may have put ourselves in the position of having poor credit, being stuck in the cycle of constantly handing over your paycheck, then borrowing against it again isn’t exactly helping the situation.

You Need To Get Out

Here’s the thing. You don’t have to stay in that cycle forever. There are ways that you can get out of it. The simplest option is to just borrow a little bit less every time you take out payday loans. I know it can be tough making your bills on what you’re able to take home, but if you don’t want to keep handing money over every week, this is what you have to do. Consider this: If you’re maxed out on your payday loans, and another emergency hits, what are you going to do? Not a pretty picture, is it?

You Can Get Out

If you absolutely can’t pay down your loan even a little bit every time you get paid, then you are in seriously over your head, and you need some help. Fortunately, most states regulate the short term loan industry, and there are programs out there than can help you. Ask your payday lender. They may not be happy about it, but in most states, they have to tell you what your options are. Often, you can choose to pay back the loan over a period of several weeks or months. They might try to tell you that it will stop you from getting more payday loans in the future, but don’t let them kid you. For the interest they charge, they will lend you money again if you need it.

There’s Nothing Like Freedom

The best thing you can do once your payday loans are paid off is start paying yourself some of the money you have been paying them all this time. Start a savings account. Think about it. If you have put all that interest money you’ve been paying in a savings account over the past couple of years, you probably wouldn’t have needed to take out payday loans to begin with. Do yourself a favor. Once you get free, stay free.

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