The payday loan debt trap is a scary place to be. If you’re dealing with mounting payday loans and aggressive lenders calling constantly, chances are you’re stressed, overwhelmed, and are in need of some help! That’s what we’re here for! Below are 3 essential tips for getting out of the payday loan debt trap and finally gaining control of your finances.
Stop taking on more loans!
This is the first step. Until you commit to not taking on any more new loans, there’s no chance of starting to work your way out of debt. Stop the cycle cold. Just say ‘no’. Make a commitment to yourself (and your partner/family/friends) to not take on any new loans. Write it down! Take this commitment seriously and ask your family and friends to hold you accountable. If you’re struggling and are in need of cash fast, see our previous blog post, “8 Ways to Avoid Needing Quick Cash Payday Loans” .
Make a budget!
A budget is a monthly financial plan that shows you how much money you have coming in and helps you plan for how much money is going out. Knowing how much you make and spend gives you the ability to allocate any extra money to paying off your debt as quickly as possible! See our previous blog post, “What’s a Budget: A Guide to Creating & Using a Monthly Budget” for a step by step guide to creating your first budget.
Work with a payday loan consolidation company!
A payday loan consolidation company has the knowledge and support you need to get out of the payday loan debt trap once and for all. Our team at Real PDL Help has years of knowledge and experience in the industry. We work with you to consolidate your loans, reduce your debt, get the payday lenders out of your bank account, and get you on a plan that gets you out of payday loan debt once and for all! The payday loan debt trap is a scary and lonely place. We provide the knowledge, support, and guidance you need.
If you’re caught in the vicious cycle of payday loans and are struggling to get out, contact us today. Our team at Real PDL Help specializes in payday loan debt relief and we’re ready to help you today. Schedule a free consultation!