The payday loan industry is booming. In fact, there are over 20,000 payday lenders in the United States. People get payday loans because they are a lot easier to get than traditional loans. A steady source of income and a bank account are the only things that most lenders require to approve you for a payday loan.
Payday loans can make things convenient for you if you need to get funds quickly. However, many people are in debt because of payday loans. If you are struggling to pay off payday loans, then you need debt consolidation.
Your life will be a lot easier if you only have to make one payment every month. You will not have to worry about trying to decide which loan you can pay off first. you make one payment to the debt consolidation company and they disperse the money to your payday lender at a 0 interest percent rate. (In most cases)
In many cases, people are able to save money by using debt consolidation. The single payment that you make towards debt consolidation may be less than all of your monthly payments combined.
Debt is a major source of stress for people. Some people stay up at night thinking about all of the debts that they have to pay. Debt consolidation helps reduce your stress because you only have to make one payment every month. You can spend your time focusing on other things instead of your debts.
Stop Collection Calls
Payday lenders will turn your account over to a collection agency after it has not been paid for a certain amount of time. The endless collection calls are one of the many things that make being in debt very stressful. When you start a consolidation program and start paying off your debt the collection calls will stop.