At times on this blog, I have lauded payday loan debt consolidation. There’s a reason for that. Quite simply it works. In most cases we are able to have your creditors reduce your interest rates down to 0% from the enormous rates that they initially charge you. Their rates can run from 200, all the way up to 700% per annum. That’s back-breaking. It puts many people in a loop where they cannot get out of debt, and instead they roll their existing loans into brand new payday loans. As good as our program is, and I think it’s the best one out there, some people have to go a different route, and to be fair I wanted to put it out there. People need choices. There is only one thing that would be a general impediment to our program working for you! That would be your inability to make what’s in most cases is interest-free payments on your outstanding payday loan. That would of exempt you from the payday loan debt consolidation process. In addition, if you’re not sure you can make the payments it’s probably best not to start consolidating your payday loan. The reason for this would be this would be money that you’ve put into a payment plan that you’re not able to complete. That is a waste of money. There is another way to go. These are things you need to talk to your counselor about, and remember, I’m not an attorney. I’m just laying out all the options that I can think of, as your counselor will do too. In some cases, in lieu of a payday loan debt consolidation you might want to consult with an attorney and consider a bankruptcy. You might very well be eligible especially with what’s going on in the world. There are many different types of bankruptcies including plans where you don’t have to pay back anything. It varies between situation. A bankruptcy attorney would be the person to talk to about things like this. A bankruptcy attorney is limited in his fees. They are preset and consequently all simple bankruptcies pretty much cost the same. So here’s where you stand. If you can afford the monthly payments and you don’t have too much collateral outstanding debt where paying off these payday loans would make a huge difference in your overall Financial picture it might be time to talk to a lawyer. Our counselors are certified and able to give you their best opinion as to which way would be best for you. Take 10 minutes out of your day and give us a call. We will put you on the right path. That you can count on. We’ve been in business for 23 years and we have an A+ rating with the BBB. We help people. That’s our job.