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Yes, there is debt consolidation for payday loans, and in most of these circumstances a debt consolidation loan is a good idea. Payday loans carry very high interest rates and if you can’t repay them quickly the payday loans can quickly balloon into something that seems unmanageable and like a financial death sentence. It doesn’t have to be though!
The first step when you are behind on multiple payday loans is seeking out a credit counselor from a non profit organization like the National Foundation for Credit Counseling. They can help you build out a financial plan to help with your current crisis and help you build a plan that will keep you from similar problems in the future.
Credit card debt used to be considered the worst financial problem because of the high interest rates building up the debt quickly, but payday loans build up even faster. If you decide that a consolidation loan is your best debt solution you should look at banks or credit unions you are already established with for consolidation loans with low interest rates. The best rates will come from a secured loan with your home or vehicle used for collateral, but with good credit you can look for unsecured debt consolidation loans with a higher interest rate, but still much lower than that of your payday loans.
Though you do want to act quickly, make sure to take the time to understand the consolidation loan completely as it will be with you for a while.
While payday loan debt may feel overwhelming and like bankruptcy is the only way out, once you build a financial plan and find a manageable consolidation loan the end to debt should seem much more realistic and be much better for your credit score. There is debt consolidation for payday loans and hopefully it will lead to a sounder financial future.
