Watching the news on television is like watching a partisan rally. There is no truth. Only BS. And speaking of the word partisan, this country has never been more divided by politics then it is today. That doesn’t help any of us and no matter what either party does it’s not going to help you relieve your payday loan debt. The Democrats are going to pass a new bill today and send it to the Senate where it will be destroyed. Senator Mitch McConnell in all his redneck glory has already come out and said as much by saying “it’s already as dead as fried chicken” The Republican-controlled Senate obviously will not pass this proposal. There is an interesting piece of proposed legislation in this particular bill. Debt collectors will receive a bailout in this proposal made by the Democrats. I find that incredibly interesting given the liberal attitude that prevails today. So why bailout debt collectors?
Debt collection is a huge industry and there are a lot of federal moratoriums right now on collecting debt. That, combined with the shutdown that’s just starting to lift has put people who work in that industry as well as the companies they work for in jeopardy. So, the companies that barrage you with dunning letters and phone calls are going to be helped by the government. At first glance it annoys me. I’ve been dealing with these creditors and working with our clients for quarter of a century. My heart lies with the client not with the collector but there’s way more to it. There are certain facts that I am positive about. It comes from being in the business that I’m in. Payday Loan borrowers contact a payday loan consolidation company to consolidate their payday loans. The payday loan consolidation company contacts the creditor and the customer is in a payday loan consolidation program. Then the payday loan consolidation company forwards the clients payments to the lender at a greatly reduced interest rate which negates the up to 700% that any particular client could be paying to the lender.
So here is point number one. Payday loan consolidation companies effectively negate the need for collection agencies. Payday loans are a huge business and many payday loan companies depend on these companies to collect their money for them. Once a person finds a payday loan consolidation company that they’re comfortable with and gets into a payday loan consolidation program there is no need for the collection agency in their case. I get that. In addition, many states have passed laws that severely limit or prohibit collection agencies from collecting just about anything in these days of Coronavirus. And my point is? Well, point number one is that payday loan consolidation works and a good payday loan consolidation company can get you out of debt. And then you might ask? Given the moratorium on overdue bills why do I need payday loan consolidation? Good question and here’s my second point and the rest of the collection story. A large portion of payday lenders operate their businesses online. That in itself is meaningless. In some cases it even hurts the payday loan lender because many times their paperwork doesn’t cover payback laws in certain States in which they work. The important point is that these online payday lenders are very likely to be businesses owned and operated by native American tribes.
If there is a moratorium on collection it doesn’t extend to native American reservations which for all purposes are sovereign countries unto themselves. That’s why you, the Payday Loan customer is probably still getting barraged by collection agencies operated simultaneously with loan companies owned by native Americans. Where does that put you, the payday loan borrower? It puts you right back to square one. You’re in a position where you need something to help you out of debt. A good payday loan consolidation company can do that. Companies that consolidate payday loans are a saving Grace to people that are mired in Payday loan debt. In most cases a good Payday Loan Company can take your outstanding debt and offer you a reduced interest rate that is usually 0%. This allows you to pay off your payday loans in a greatly reduced period of time at a greatly reduced amount of money. There is no substitute for a good payday loan consolidation company in times like these. Native American sovereign ground it’s just that. It’s sovereign. Depending on where it’s located some local laws might be adopted and or apply to these nations but not all of them. That’s what gives your local casino the ability to operate in a state where gambling is illegal. I think that last sentence paints the perfect picture of the situation.
So what do you do? We understand why you took that Payday Loan in the first place. There are so many people in this country hurting financially. Sometimes cash is Cash no matter where it comes from. We can help you stop the madness of constant payday loan rollovers and off-the-chart interest rates. Federated Financial is a twenty-three-year-old company with an A+ rating from the BBB. We are good at what we do! We can consolidate your payday loan debt and get you back on your financial feet more quickly then you could do it yourself. Now that people are going back to work the last thing they should be doing is spending their money on anything but necessities.