How to get ahead of the payday loan cycle.
Payday loans provide quick relief to a very stressful shortfall in cash flow. Beware of the costs and know that one payday loan often leads to several more.
The only stress worse than needing a payday loan it trying to find a way to pay it back. The fees and interest associated with payday lending is so high that borrowing money on one payday loan often lead to several others payday loans in an attempt to keep current.
The key is to stop the payday loan cycle. Seek help to create a manageable budget with an affordable repayment plan. It is usually best to seek the aid of a credit counselling agency that can intervene to consolidate and reduce the interest associated with these loans.