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Caught in the payday loan trap, what's the best way to end this?

Date: Sat, 01/02/2010 - 10:23

Submitted by lydy815
on Sat, 01/02/2010 - 10:23

Posts: 4 Credits: [Donate]

Total Replies: 7


I live in New York. Currently, I have the following 3 outstanding internet payday loans:

(The rollover fees are included in the total amount owed)
Arrowhead Investment - $390 ($300 loan)
Beacon Financial - $289 ($200 loan)
National Group - $195 ($150 loan)

Like so many of you, each payday I am only paying the extension fee (totalling $224) and paycheck after paycheck it's killing me! The balances are not going anywhere.

What would you say is my best option? Should I call each company and see if they offer the Extended Payment Plan, or if they can work with me any other way? Should I pay down the principle on the larger loans? Or should I pay off the smallest one in full? Or, as another option, use a payday loan debt consolidation company to help with these debts?

I'm clueless as to where to begin. I know I want to get rid of all of them, once and for all, and not keep paying fees every paycheck.

What is my best option?

Thanks in advance!


Quote:

Originally Posted by lydy815
I live in New York. Currently, I have the following 3 outstanding internet payday loans:
(The rollover fees are included in the total amount owed)
Arrowhead Investment - $390 ($300 loan)
Beacon Financial - $289 ($200 loan)
National Group - $195 ($150 loan)
Like so many of you, each payday I am only paying the extension fee (totalling $224) and paycheck after paycheck it's killing me! The balances are not going anywhere.
What would you say is my best option? Should I call each company and see if they offer the Extended Payment Plan, or if they can work with me any other way? Should I pay down the principle on the larger loans? Or should I pay off the smallest one in full? Or, as another option, use a payday loan debt consolidation company to help with these debts?
I'm clueless as to where to begin. I know I want to get rid of all of them, once and for all, and not keep paying fees every paycheck.
What is my best option?
Thanks in advance!


Payday loans are prohibited in the state of N.Y. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Sun, 01/03/2010 - 06:19

( Posts: 17344 | Credits: )