Millions of Americans turn to payday loans as a quick way to tap into instant cash when they have a budget shortfall. Although it is marketed as a practical short-term solution, the industry is designed to trap borrowers so that they can’t easily pay off their loans. According to the Center for Responsible Lending, the annual interest rate for the typical payday loan is 400 percent. If you’re having trouble paying off your payday loans, you’re not alone. Here is a review of a smart and practical way out of the payday loan trap, payday loan consolidation.
Typically a 2-12 month program, a payday loan consolidation consists of a budget-friendly payment plan designed to eliminate your payday loan debts once and for all. Borrows receive the opportunity to speak to professionals who understand the ins and outs of the payday industry, including conniving lender tactics. Unlike most debt consolidation programs, the payday loan debt program focuses on reducing your payday loans for less than the agreed amount that you owe on average. This means you will receive a custom payment plan to achieve your financial goals.
Along with helping you get out of the payday loan debt cycle, there are many other benefits to a payday loan consolidation program. By simply getting on a payment plan, the consolidation lowers your current payments. This means more money for your daily necessities. A payday debt consolidation program also helps eliminate collection calls and late fees, giving you financial and emotional freedom. To learn more, contact PaydayLoan-Consolidation.com for a free consultation.