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 Posted: Wed Jul 25, 2007 1:38 pm Subject: All the payments are going to interests only
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I have made a few stupid decisions and now I find myself having to take out payday loans to pay off the next one. I make a good salary and because of these loans I accumulated I am paying about $700 a month and it is all going to interest. At this rate it will take me forever to get these paid off. I only owe about 2,500 but at this rate I am paying more than that in interest. I am looking to find a way to pay these off and make a monthly payment to get out of debt and live a debt free life.
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cpeery
Joined: 25 Jul 2007
Posts: 1
Debtcc Points: 50
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Posted: Wed Jul 25, 2007 2:16 pm Subject:
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What state are you in? You need to check the laws of your state and know if the lenders are adding legal charges on your account. It seems like you are paying too much on interests only. Which companies are you dealing with?
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Steg
Joined: 22 May 2006
Posts: 392
Debtcc Points: 5545
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Posted: Wed Jul 25, 2007 3:27 pm Subject:
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cpeery ~ please list
Who you have payday loans with
How much did you borrow
How much have you paid back to each one
And if these are internet or store fronts
Also please let us know what state you are in. Some states PDL's are prohibited, some have caps on how much interest they can charge, some do not allow roll overs, some only allow a certain amount of loans at a time, etc.
Understand that there are many of us that have been and some still are in your situation. There is light at the end of the tunnel.
If you are paying that much out in just fees, you might want to consider closing out your bank account and opening another one some place else. You need to get a hold on your finances. Hang in there though and please provide us the information so we can help you better.
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2nband
Moderator
Joined: 30 Jan 2007
Posts: 2160
Debtcc Points: 41033
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