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I have gotten into the payday loan cycle and I am really stressing out trying to figure out how to get out of it. I am paying about 800.00 per month to just stay above water. I live in Nebraska and I have 8 of them right now. They are all storefront except one is online. Does anyone have any suggestions on how to get out of this trap?
Without much information it’s difficult to say anything. Please tell us whether or not your lenders are licensed in your state. If not, then you owe them nothing more than the principal balance. In this case it would be better for you to close down your old bank account and open a new one to stop debiting money from your account. But if they are licensed, then you owe them both the principal and interest. If you can’t afford to pay back the full amounts, then try to negotiate with your lenders and set up a payment arrangement with them.
Here is a resource which will hopefully provide you with a lot of useful information: http://www.debtconsolidationcare.com/payday-loan-consolidation-and-help…