Close bank account?

I am caught up in the endless cycle of having to renew payday loans because I cannot pay them back in full due to the interest. I am considering closing my bank account and opening a new one to get a fresh start. I will then make calls to the companies I owe and make arrangements to pay them back on my own schedule. Does this sound like a good plan?

well , if you have auto payments or drafts, you might want to speak with someone first. In FL its a huge legal offense to close an account with outstanding checks or payments. Also, if they are auto payments, many times, it will reopen the account when they come through the ACH.

read this before you decide to close account

What state are you in and what are the names of the companies?

That is true, but if the OP opens a new account and switch all information over they should be fine. Ensure all written outstanding checks are cleared before your account is closed. ACH transactions can be routed/linked to the new account.