Payday loans are like quicksand. They’re easy to fall into, but nearly impossible to get out of. While most people who take out payday loans have every intention of paying them back within the two-week loan term, it rarely ever happens. Most people continue to roll over and renew payday loans, accruing more and more debt. One financial burden leads to another and before they know it, they’re in so much debt that it seems next to impossible they’ll ever be able to pay it all off. If you’re overwhelmed by payday loan debt, regardless of your income level, it is possible to get out of debt. The relief of reducing your stress and having control of your finances again should be reason enough to get out of payday loan debt. But in case you’re not convinced, here are 3 more must-read reasons to get out of payday loan debt.
1. You’re selling your future!
Maybe you thought you were just taking out a quick loan while cash was short. You had had no idea that months later you would be financially stuck, unable to get rid of mounting payday loan debt and fees. Your current income isn’t all you’re losing to the payday lenders, though. You’re also losing your future. The longer you remain stuck in the payday loan debt trap, paying fees and interest just to get by, the more of your future you’re selling to the payday loan company. All of that money that’s going towards insanely high interest rates and ridiculous fees could be building the future that you dream of. Do you dream of buying a home one day? Would you like to send your kids to college? Are you ready to travel? Do you want to retire one day? You could be saving for all of these things. Instead, your money is funding the future of the payday loan company.
2. Your health is taking a hit!
When you’re in over your head in debt, are dealing with aggressive payday lenders in your bank account, and are receiving aggressive, non-stop phone calls, it’s natural that you’re stressed.
Your stressed out and completely overwhelmed. You may even be dealing with anxiety or depression. Stress can lead to all kinds of health problems such as chronic pain, diabetes, and ulcers. Longterm stress can even result in hypertension, heart attack, or stroke. When you’re stressed and overwhelmed, you lose sleep. You wake up in the middle of the night worried, panicking about how you’re going to pay the bills. Sleep is vital to your health. A lack of sleep can have lasting consequences on your longterm health, leading to issues like hypertension, heart disease, and diabetes. Payday loans are affecting more than your bank account.
3 . Your marriage (and your family) are suffering!
When one area of your life is in turmoil, all areas of your life are in turmoil. Unmanageable debt, aggressive payday lenders, and financial insecurity affect your marriage, your family, and every relationship in your life. Stress and financial overwhelm affects those closest to you most of all, like your spouse and children. The burden of payday loans can ruin those relationships. The stress of one area of your life can spill over into all areas of your life. So, when you’re stressed
and overwhelmed because of financial debts, that stress affects your relationships with all of those around you.
It’s time to end the payday loan cycle today. At Real PDL Help, we work one-on-one with our clients to help them get out of payday loan debt and regain control of their life (and finances). If you’re struggling with payday loan debt, contact us today!