We specialize in helping people escape the payday loan debt trap through payday loan consolidation. We’ve worked with hundreds of people to help them get rid of their payday loans. If you’re dealing with payday loan debt, loan consolidation can help! However, there’s more you can do to speed up the process of getting out of debt, as well as prevent yourself from using payday loans again in the future. Having helped hundreds get out of debt, we’re sharing our top tips with you!
If you’re interested in learning more about payday loan consolidation, contact us today. And read on to find out more.
1. Payday loan consolidation
Payday loan consolidation combines your loans into one, manageable, easy-to-pay monthly payment. Working with a payday loan consolidation company gives you the knowledge and the support you need to get out of the payday loan debt trap once and for all. They can also reduce your overall interest rate, get payday lenders out of your bank account, and stop the harassing phone calls.
When considering companies to work with, ask questions, get to know their team and their process, and make sure you feel comfortable. At Real PDL Help, we work with hundreds of people every month to help them consolidate their loans and escape the payday loan debt trap. Watch the video below to find out more about how we do that. And be sure to reach out and get to know our team. We would love to answer any questions you have.
2. Stop taking on more debt
Once you’re ready to get rid of your payday loans for good, you must commit to not taking on anymore debt. By continuing to roll over your loans and take out additional ones, you’re moving further into the debt trap. It’s impossible to get out of debt when you’re continuing to take on more.
3. Create a budget
A budget gives you a complete view of how much money you’re spending and where it’s going. Once you know this, you can decide what expenses you can reduce in order to get out of debt faster. You also won’t know how much money you’re able to put towards paying off your loans each month until you know how much money is left over after all of your expenses have been paid. So, creating a budget is an important part of the process.
Need help creating a budget? Check out our post, “What’s a Budget: A Guide to Creating & Using a Monthly Budget” for a step-by-step guide to creating your budget.
4. Decrease your expenses
If you’re ready to get out of payday loan debt fast, decrease your expenses. Doing so gives you more money to put towards paying off those loans each month.
Not sure where to start? Cut out cable (check out these awesome tips for cutting cable without losing your favorite shows). Reduce your grocery spending. Do a spending freeze on anything that’s not essential (new clothes, the latest iphone, going to the movies).
Once you create a budget (see #3) and cut your spending, you’ll be shocked at how much extra money you have leftover every month. And more leftover money means more money to pay off your loans faster!
5. Increase your income
In addition to decreasing your expenses, you can increase your income. As long as you don’t increase your expenses, this will give you even more money to put towards your payday loans each month.
If you’re concerned about how to increase your income, there’s tons of options. If you love your current job and are doing great, ask for a raise. If there’s no chance of a pay increase, maybe it’s time to look for other options. You can also find part-time work outside of your main job, like dog-walking, childcare, house-cleaning, delivering pizzas, and more. You can get really creative and find a great side hustle from home, too!
6. Sell stuff
You may be surprised at how much extra cash is just laying around your house! There’s closets, drawers, garages, and rooms full of things you don’t use anymore and don’t need. So, grab a box or some bags and start decluttering. Look for the things you don’t use anymore or the items you don’t need and sell them!
Check out our post, “19 Things You Can Sell to Get Out of Payday Loan Debt” to help you get started!
7. Create an emergency fund
Emergency fund. Rainy day fund. Whatever you want to call it, it’s a chunk of money that you set aside for those unexpected expenses and financial emergencies that are going to happen. Your car breaks down and needs several hundred dollars worth of work. Your AC goes out in the middle of summer. A roof leak when you least expect it. These things happen and they happen unexpectedly.
Creating an emergency means that you’re prepared when these things do happen. It also means that you won’t have to turn to payday loans to help cover the unexpected expense.
8. Make getting out of debt your #1 priority
If you’re serious about getting rid of your payday loans, make it your top priority. When everything you do and every dollar you spend is planned around getting out of debt, you’ll get out of debt faster.
Getting out of payday loan debt is no walk in the park. It takes time and hard work. But when you make it your #1 priority, you can get out of debt once and for all, and you can do it fast!
9. Stop eating out
The average American family spends a huge portion of their budget eating out every month. Eating out costs many times more than making a home-cooked meal, though. By cutting out restaurants and cooking your meals at home, you can save a ton of money every month. And more money saved is more money towards getting rid of your payday loans.
10. Live off one income
It may seem like a crazy idea, but you’re a dual-income family, try living off of one income and put the second income towards your payday loans. It may feel like a really big sacrifice, and you may have to cut back on a lot of spending, but it can help you get out of debt quickly.
If you need help escaping the payday loan debt trap, contact us today and find out how can help!