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Payday loan debt consolidation is an efficient process to help you repay your high interest loans with great ease. Sometimes, short term loans become unavoidable and you need them to manage your urgent financial requirements. There is no harm in taking these loans, but the situation deteriorates when multiple loans are obtained. Any inability in paying off such debts may put you under tremendous financial burden. Any default in making payments on due date may lead to excessive debts. It is because interests and other charges keep on accumulating in case of untimely payments. Lenders ask you to repay debt on your next payday. However, there is no penalty as such in the event of nonpayment. The only worry is accumulating interest rates and administrative charges that are normally very high.

Consolidating Payday Loans

Consolidating debts remains the only feasible option under conditions of mounting debts. Normally, a lender allows a maximum of two extensions of 30 days each if payments are not on due date. However, there are times when you as a borrower are not able to repay your debts within those two extensions. In this scenario even a small amount becomes bigger because interests and other charges keep on accumulating. The situation becomes unbearable especially if you are a middle class person. Most lenders under such circumstances assign the task of recovering money to a collection agency. Subsequently, the agency people make frequent phone calls and harass the borrower. In order to avoid such an embarrassing situation, taking help from a debt consolidation company remains the best available alternative.

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The cash advance loan industry is giddy over a recent customer survey that shows that a lot of of their customers could gladly take out the expensive loans again. As a matter of fact, most customers polled in the survey said they were pleased with their loan. This might shock individuals who regard these loans, with interest rates that can exceed four hundred percent a year, as predatory lending. On the other hand, the payday loan business conducted the survey on their own, so perhaps the results are not so astonishing after all.

The payday loan lending industry is in the business of providing temporary loans to people who need a few hundred dollars to pay their bills until they receive their next paycheck. The borrower will get the loan for fourteen days and provides the loan company a postdated check for the amount of the loan plus interest. In fourteen days, the borrower will pay back the loan in cash, or instead, the loan company will deposit the borrower's check. Although the common loan varies from $100-$1500, the interest rates tack on anywhere from $10 to $20 for each $100 borrowed. When thought of as an annual rate of interest, the interest paid on a two week loan can add up to 400% or more each year.

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With a large number of Americans filing for bankruptcy every year many are asking, what are the causes? Many attribute it to the real estate meltdown back in 2007 and others blame the credit industry for their lackadaisical attitude on how they give credit cards to individuals. In most cases currently, the perfect storm has been created starting with the real estate market collapse. After the real estate market collapsed, the rest of the economy got drug down with it. These individuals that were living beyond their means are no longer making the easy money that they were in the past.

Every industry suffered, when the credit market dried up, families were no longer taking extravagant vacations and buying new cars. When individuals stop making the money they were in the past or even worse were unemployed, they started to slide down the financial slope into oblivion. The first thing that happens is choices have to be made about eliminating any luxuries. If that doesn't help, the decision needs to be made of which bills to pay and which to default on. This is where the wheels start to come off and the individual should be rushing in to see a bankruptcy attorney immediately. Usually, this is where people that have no available credit on their credit cards, start to look into payday loans. Payday loans in theory, are not a bad thing if they are used for an emergency to get quick cash. But when this is the only money available to survive on, it will lead to disaster.