Payday Loan Consolidation

Guest Blogger Angela Sanders

Earlier this month we posted an article about Payday Loans, and the possible pitfalls connected to this institution. This post was evidently compelling enough for a reader to ask to be a guest writer and post her own story. The following is from Angela Sanders, who writes a Blog of her own called A Financial Journal. We are always excited in bringing you the very best in information and calls to action on this blog. Here is Miss Angela…

Is it possible to consolidate your debts?

“The consumers take out payday loan to manage their emergency expenses at the middle of the month. When you apply for payday loan you are not required credit check so the interest on this loan is comparatively higher than other loan programs. Make sure that you pay off the owed amount on scheduled date to avoid the accruing interest on the principal balance.”

“Debt consolidation is a process when you consolidate your high interest debts in a low interest consolidation loan. You can combine your high interest debts into a single monthly payment. When you consolidate your multiple debts then you can manage your single bill and avoid defaulting on your payment. So it will be easier to pay off your debts and regain control over your financial situation.”

“Know about the drawback about payday loan consolidation? The debt stricken consumers take out another loan to pay off your debts so the chances are high that they have poor credit report. Therefore, you might not get loan on affordable interest rate. It will not be a beneficial option to take out another loan of high interest rate to pay off your high interest payday loan. Another disadvantage of taking out a new loan when you can’t exercise financial discipline as you can splurge it before paying off your debts.”

“When you get a low interest loan to pay off your high interest debts then it is considered to be a viable option. It will be a beneficial option for you when you consolidate your high interest debts with low interest loan. You can attain financial liberation when you pay off the existing debts. You can repair credit once you pay off the owed amount.”

“The interest on payday loan is high with exigent repayment terms so people usually default on their payment. Many people rely on payday loan as it does not require credit check so they can easily apply for this loan during financial crisis. These people continuously take out loan to avoid the exigent repayment terms so it becomes difficult to come out from the vicious cycle of debt. So payday loan consolidation can help you pay off the owed amount and guide you to deal with multiple creditors. This will help you regain your financial independence by paying off your debts.”

We thank Angela for her time and effort.

Have a Happy Thanksgiving everyone.

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  24. Do not make your payday loan payments late. They will report your delinquencies to the credit bureau. This will negatively impact your credit score and make it even more difficult to take out traditional loans. If there is any doubt that you can repay it when it is due, do not borrow it. Find another method to get the money you need.

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