When is it time to consolidate?

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Struggling with Debt

Struggling with Debt

You may have taken a payday loan because you require extra funds at that point in time. However, as time goes by, you may find that you are struggling on a monthly basis. You have to manage your monthly expenses, pay the bills and still pay your creditor some money in order to clear the payday loan debt. ‘How do I know that it is time to consolidate?’ you ask. Read on to get a better idea on when you should seek out a favorable payday loan consolidation program. If you are facing some of these situations, you should definitely consider consolidating your payday loan debt:

1.Your income is not enough to cater for your current expenses and loan repayment

Manage your Monthly Expenses

Manage your Monthly Expenses

This is an indicator that you are struggling with debt and may risk defaulting your loan repayment. Also, the interest on your loan amount may increase over time, making it harder for you to clear the debt with your limited income. This issue can be resolved if you choose to consolidate your loan which can lower your debt significantly. The debt consolidation company can negotiate for favorable loan repayment terms for you as well as lower interest rates on your payday loan.

2.You are constantly hounded by your payday loan creditor

It is frustrating when you are constantly being bombarded by the same message from your creditor: Pay up! Pay up! Pay up! If the payday loan company calls or emails you on an almost daily basis pressing you to settle your debt, you know that there is a real problem and you have to fix it. You may have to consolidate payday loans to get out of debt and get away from the constant pressure from your creditor. With debt consolidation, you will only make a single payment to the payday loan consolidation company and they will forward your repayments to the creditors.

3.Your creditor is garnishing your wages for repayment

When you are unable to control your finances, the creditor may make a move to get you to repay the money you owe them. This may mean garnishing your wages for debt repayment. In this case, your employer will deduct the amount owed to the payday loan company until the debt is cleared. However, this may not be good for you because you will not be able to control your monthly budget. If your wages are being garnished by your payday loan company for debt repayment, you may have to consider consolidating your payday loan debt because this gives you a chance to make repayments with money you are able to part with. You can also benefit from the lower interest rates which may be negotiated for you by the loan consolidation company.

4.The payday loan company summons you to court

Should you have been summoned to court by your creditor, definitely think of a way to get out of debt as soon as possible. Filing for bankruptcy may not necessarily be the best way out. So consider debt consolidation. This may do more good for your credit score as it will give you a chance to clear your debt.

We hope you now have an idea when you should consider payday loan consolidation to turn your situation around. You should not wait until circumstances are really dire before considering loan consolidation. You may consider debt counseling so you will know whether debt consolidation is the best way to go given your situation.

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Actual Client Testimonials

"Your professional assistance in negotiating settlements have been such a God send for my husband and myself when he was unexpectedly hospitalized due to a life threatening illness… With my husband’s illness and long recovery, your wonderful assistance allowed me to fulfill my duties to my family without additional worries… I would recommend your company to anyone that truly desires to settle their debt. May God bless each of you as well as your company's continued success."

Susan D.Dallas, TX

"I just wanted to say "THANK YOU" I appreciate the kindness that you have shown me through this process of debt settlement. There were days; whereas, fear gripped my heart. But, you were right there to guide me through. If there was ever a time that I had to leave a message; as of today, I never waited over 15 minutes for you to contact me. I can't express what it meant to me for you to be so prompt. Once again, "Thank You," if possible, would you please forward this email to your supervisor. "

Andrew T.Los Angeles, CA

"Thank you so much, You have been very helpful Nicole. I will be sure to tell someone else if I speak to anyone else in your company how helpful you have been. This is a hard thing to deal with and very stressful with being so broke and then having all these people after me. To me, it felt as if it was just as important to you as it was to me that the situation be handled. Most companies care only about themselves and the money to be made but you truly proved to me that your comapny cares about their customers."

Annie C.Houston, TX