As you follow the steps above and gather and total up your numbers, you may find it stressful or worrying. These are normal feelings when you lay your financial situation bare and it doesn’t look good, but rather than letting your anxiety get the better of you, think of all this as a first step toward regaining your financial stability. Rather than simply allowing your creditors to call the shots, you’re putting yourself back in charge. And if you’re not sure how you can manage it all, you can get a professional on your side before things become worse. You will need your budget to balance, to make sure you’re not spending more than you earn, and an extra set of experienced eyes will help get you to the point of a realistic budget and options to deal with your debts.

5. Where to Find Help for Payday Loans

Payday Loan Companies May Offer the First Help

One of the first offers of help you receive may come from one of the payday loan companies you’re dealing with. If this payday lender offers you a loan with extended payment deadlines, read all of the fine print very carefully. Be sure to check and see what the equivalent annual interest rate is in the disclosure document. This reveals how much you will pay by the time all of the fees and interest are added on to the loan. Also consider if this one loan will truly help your situation, or if the lender is simply looking to minimize their own potential losses. When you’re dealing with a bunch of payday loans, you need help with all of them at once if you want freedom from the never-ending cycle of debt.

Banks and Credit Unions May Offer a Debt Consolidation Loan If You Credit is Good

If you happen to still have a good credit rating, you may be able to qualify for a lower interest debt consolidation loan from your bank or credit union. You can make an appointment to speak with them and bring along your list of debts that you put together. You should be open and honest with them so that if they are able to help you with a loan, you’ll get the help you need. If you have a mortgage and it’s with the same lender, they may have more options to help you than a lender at another financial institution.
The real trick with a debt consolidation loan, or any other kind of personal loan used to pay off other debt, is living with a realistic budget so that you don’t continually spend more than you earn, accumulate more debt, and essentially end up doubling your debt in and effort to get out of debt.

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