Page Section Navigation
Go to: Header
Go to: Utility Navigation
Go to: Primary Navigation
Go to: Content
Go to: Footer
 
Ask the Experts

Ask The Experts

Q:
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

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). 

Ask the Experts 
Ask The Experts

If you do not find the answer to your question in the archive, write to the Advice Team today! A member of the Advice Team will personally respond (by email) to your question by offering answers, helpful tips or solutions. This is a free service offered by MMI.