Is your pay check spent before you even receive it? Is your checking account constantly showing a negative balance? Are you stuck in the money shortage traps of pay day loans? You’re not alone. Thousands of people are running on the pay day loan treadmill and cannot get off. It is an easy trap to fall into but a very hard trap to climb out of but with time and persistence you can climb out of the pay day loan nightmare.
Know the rules:
Researching and finding out the laws about pay day loans can literally save you hundreds of dollars. Did you know that internet pay day loans are illegal in some states? In those states if you were granted a pay day loan then you are only required to pay back the principle and not all the outrageous fees. There are many ways that you can legally get out from the mountain of pay day loan debt. You just have to know the rules. The website www.debtconsolidationcare.com is a great resource for finding out about the different pay day loan laws in your state. You can also get information from other people that have fallen victim to pay day lenders and they can give you information about the different companies and how to handle them.
Get your priorities in order. Are you trying to impress your friends and family? Many people will spend money allotted for bills on a family member’s birthday party and search for a loan to cover the difference. If you truly want to escape debt then you have to make a budget and set spending boundaries. Start by sitting down and making a list of how much money you owe and how much money you bring in. It’s that simple to start.
It may sound ridiculous to someone in debt when they are advised to start saving. How can you save when you don’t have any money to save? Start small. If you can only put twenty dollars per pay check away then you are on the right track to getting out of the debt trap. People seek loans in desperate times. If you have even a little money saved then a blown out car tire or unexpected parking ticket may not turn into a bigger financial crisis.
The key to digging yourself out of the pay day lending nightmare is realizing how big the problem is. Take the steps to educate yourself about pay day lenders, figure out your priorities, and start saving.