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I have gotten in too deep with payday loans. I am an Indiana resident. I currently have 2 payday loans in Ohio and 2 internet payday loans. What can I do?? I am just paying them back only to re-borrow again to make ends meet. I cannot go on like this. What are the consequences of closing my checking account? I just don't know what to do?
Consequences of closing checking account
Welcome to the forums!!!
If your lenders are licensed, then you will be responsible for both the principal and interest. In this case you may go for payday loan consolidation to replace your multiple bills into a single monthly payment. But if they are illegal, then you can easily get out of this cycle by paying back them only the principal. In this situation, closing down your bank account is the best option. If you require money, then don’t fall in this payday loan trap in near future. Try to get help from your friends and family members.