I had someone email me the other day and ask that question. She wrote, “please tell me why is it time to consolidate my payday loans“? She goes on to write that she didn’t understand that during this crisis when cash is short, why would she be giving money to a payday loan lender.

This is what I told her. I reminded her first and foremost that she borrowed the money. I reminded her that she has a legal obligation to pay it back and also reminded her that her lenders could sue her. Clueing her in to the fact that I’m not an attorney, I explained to her if they were to sue her and win, her life could be made miserable. I explained to her that when creditors obtain a judgment they can go after many things that belong to her as long as they are unencumbered by a pre-existing note, or state law.

Furthermore, I went on to say, if she were to be sued, one of two things would happen. She’d either not appear and her creditor would receive a default judgement against her, or she would appear and based on payday loan lender paperwork that I’ve seen it would probably be open and shut. She would lose and could be responsible for lenders attorneys fees as well as hers. The flip side there is that a good attorney might just be able to find the hole in the paperwork. Did the Payday Loan company charge her too much money in fees based on her state’s law? Were they licensed to do business in her state? There is no perfect contract. In many cases there are holes.

I went on to say that despite all that, at the end of the day depending on the amount of money that was owed, it might just be less expensive to pay it off and be done with it. And that goes back to her question of why now? Well why not now? At the rate of interest that payday loan companies charge which is up to and including 700% APR every day she waits costs her money. But, here is the kicker. Using a good payday loan debt consolidation company would show you why the time could be now to get to work and fix the problem. Let’s take a really good company that’s extremely well respected with 23 years of experience and and an A plus BBB rating. A company like ours. Given our years of experience we know how to do it. In almost all cases we are able to have your creditor reduce your interest rates down to 0% putting you in a position to be able to pay off those payday loans in a much shorter period of time.

In other words we can get you out of debt quicker. I’d venture to guess that in many cases the interest on your payday loans has exceeded the actual cash balance that you originally borrowed. That’s insanity. The country is going to slowly come back online over the next month or two. That’s why consolidating your payday loans now should be done to avoid falling further behind. It’s time to start thinking rationally about the reality of your debt.So for everybody that’s reading this post I would say, ask yourself why would I want to consolidate my payday loans? ….. and consolidate my payday loans now? The answer is very simple. Each day you wait makes it harder and more expensive to get out of debt. Is there any better reason than that?