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What should I do if I took out too many payday loans?

I am a professional person who is relatively intelligent. However, earlier this year I took out my first payday loan, paid it back and took out another one and paid that one on time. I had some personal issues and took out a total of seven more loans within a very short period. It was so easy for me to get the loans and I did pay a few off on time. I am at the point recently where I owe twice as much as I take home. What can I do? -Janet


As you know, payday loans equal costly trouble. My advice is to repay these loans as quickly as possible to break the cycle and avoid the exorbitant roll-over fees. Is it possible for you to sell assets or take on additional temporary work? I realize that these options may not be desirable; however, I do not know of any simple solutions. You might also look into another type of loan to pay off these debts (home equity, for example). 

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