How do I get out of big mess? Not thinking very clearly I got 3 payday loans in 20 days plus the 3 loans with another company. I now find myself owing 1340 in loans plus rent. I pay 2064 month with 1690 SSD.
Not knowing a whole lot more about your situation I would say the very best thing is to get it all consolidated
If you could get a credit card with decent apr that would be preferable than those guys but I assume you dont have great credit or else you would have done that instead of pdl
There are companies that offer payday loan consolidation but I know nothing about them but for instance here are some
Aside from that there are credit counseling organizations that help consumers this link provides a review of some www.consumersadvocate.org/
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I am at a loss. I don't have that much actual debt, but I have a payday loan, that I have to keep borrowing month to month to make ends meet. I can't pay that off and leave it or I can't pay my other bills. I am 61 and need to start saving, anyone have any suggestions. It is hard to get a consolidation loan because I rent and don't own a home.
By Punkin50 from Oklahoma City, OK
I used to use payday loans occasionally. However, I never borrowed more than I knew I could afford to pay off out of my next paycheck and still have enough left over to squeak by on my other necessities. I also only borrowed about 2 or 3 times a year.
You are actually better off paying late fees to bills such as heat and electricity instead of getting a payday loan. The 3 or 4 dollar late fees are substantially lower than the interest rates on the payday loans. Also, what other things could you do to tighten your budget? Cut cable bills, fast food, entertainment? Even simply lowering your thermostat by 1 or 2 degrees helps lower your bills.
Have you tried to see if you qualify for food stamps or energy assistance? You could also check to see if they have an Angel Food ministries in your area where you can buy food really cheap, or look to see if there is a food bank near you.
One other idea: Do you have a full life insurance policy that you can borrow against? This should be a last resort, and only borrow the amount you need to pay off your payday loan.
Oh sweetheart, you are definitely not alone! Someone suggested paying the late fees if not paying your phone, etc. on time. If you talk with your phone and electric people and explain that you're having a hard time this month, they may let you make a partial payment with no fees.
I was reading on here earlier that the AT&T has a discounted rate for seniors. You may want to look at any discounts available on your regular bills. My mother always said to pay your housing costs first, and always pay cash. We always ran out of money before the end of the month, but at least we had food and shelter. Other than food and shelter, everything else is a want not a need.
There are a lot of ideas on how to save money on groceries and soaps on here. There may be ways in your community to help with shelter and food. Then pay off the pay day loan.
If you live alone is there any way you could get a roommate? A relative and I share a two bedroom, two bath duplex. Our schedules are such that it works out wonderfully. This arrangement allows both of us a much nicer place and a better lifestyle and allows me to live on my social security and still have a few luxuries. Our situation, it seems is not uncommon for senior citizens especially women.