Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Pay Day loans and Debt Consolidation

Date: Fri, 06/24/2005 - 22:13

Submitted by anonymous
on Fri, 06/24/2005 - 22:13

Posts: 202330 Credits: [Donate]

Total Replies: 1

Pay Day loans and Debt Consolidation


I have a question concerning debt consolidation and Pay Day loans. A pay day loan is extended every week or every two weeks by making a payment on the interest of the loan. Doing the minimum just extends it to the next pay period, it does nothing to reduce the amount owed. If a person has more than one pay day loan, how is it possible to roll these all into one bill, to get them paid off. The interest rates are HUGE, and are often times the choking point in a person's finances.

On a side note, I want to know if it is possible to consolidate pay day loans (I have 3) along with other bills (2 credit cards, a cell phone bill, a telephone bill, utility bill, cable bill and a computer bill) all into one monthly payment that is a bit easier to swallow than the several hundreds of dollars, if not thousands.


Hi playstation60

Welcome to the forums. Although payday loans are the fastest and easiest way to obtain cash but payday loans have been considered to be the most unfavorable of all types of loans.

The cost of payday loans is about $30 per $100 borrowed and it needs to be repaid or refinanced by the borrower in the next payday. So, it is calculated that on a loan of $500, you are required to pay an interest of $150 extra and as a result $650 will be electronically withdrawn from the borrower's checking account. Quite Shocking!!

Playstation60, when people like you have multiple payday loans, this pain is unbearable. These types of loans are very dangerous for consumers as they combine with high costs and there is always a risk of sending bank account numbers and social security number to unknown lenders through internet. So I will always suggest you not to repeat this mistake of taking a payday loan as you will be digging a deeper hole for yourself.

debt consolidation program will consolidate all your payday loans, credit card bills and other misc. unsecured debts into one loan amount which will be quite affordable for you during repayment. I suggest you to take help of this company and seek consolidation.

Regards
Roxette


lrhall41

Submitted by roxette on Sat, 06/25/2005 - 10:17

( Posts: 4009 | Credits: )