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I have 3 payday loans. It all started because I needed help with my house payment, my child support stopped...Now I am going crazy paying all these fees and am really getting behind on my bills. I would love to get rid of these loans..but how?
Where do you stay? Are payday loans legal there? You have to find out this first in order to decide whether or not you require paying back both the principal and the interest rates or only the interest rates. In case of illegal payday loans, you have to repay only the interest rates.
What state do you live in? Are your lenders licensed in your state? If not, then you owe them nothing more than the principal balance. No interest, no fees. 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 the lenders are licensed, then you owe them both the principal and interest. In this case you may try to negotiate with your lenders and set up a payment arrangement with them.
Which is the state you are in? Not all states allow payday lending and so if you are in any of these states which do not allow the same, you will have to pay back only the principal amount borrowed.