Do I or don’t I? That is the question! Although that sounds like a take off on Shakespeare, it’s also the thought that many people have when they need to make the decision whether or not to take a payday loan. Stuff happens! We all know that. What do we do about it? We put it off until save enough money to fix the problem. Sometimes that’s not possible. At that point we have to decide whether it’s a financially viable option to borrow money at 200 – 700% interest annually for a payday loan.

Payday loans serve purpose if used properly. Taking a 50 or $100 loan for a week is certainly an option and financially feasible. Unfortunately, most people need more and the ease in which payday loans are given can turn them into an addiction. The 100 turns into 200, the $200 loan then becomes a $500 loan and for many people it spirals out of control after that. So what happens next? You’re sitting with $1,000 debt that costs a ridiculous amount of interest.

It happens subtly but quickly. Unfortunately, sometimes these loans are really necessary. I f this is your situation, or you find it becoming your situation payday loan debt consolidation is the answer. A reputable company with a good track record can get you out of debt quickly with the least amount of harassment from your creditor. Long-term players in the industry have track records with your lenders and are able to have them reduce your interest rate to 0%! Who wouldn’t want to do that? It’s essential that you start taking care of them immediately

I would suggest other alternatives including taking an advance loan on your paycheck from your employer. Many employers will front employees a few hundred dollars in an emergency and take it out of their check weekly without interest in away that it doesn’t cause financial hardship to you the borrower. It’s certainly not good to make a habit of that but an emergency is an emergency. The decision is whether the money is needed for a true emergency, or a desire to purchase something that is not essential. Financial prudence must prevail in the decision-making process. The last thing you want to do is bury yourself in Payday debt. If you have buried yourself in that debt get into your payday consolidation program now. You will thank yourself for doing it