My mother and I have gotten several payday loans to keep us out of debt, and now can not pay them we need help

Question

We also can not pay off the bills we need to. Can you help PLEASE

Answer 1

Ask your father to help you.

Answer 2

Here are some options that may apply to you:

1) Increase your income to have more money to pay the bills. A second job can go a long way.

2) Put discipline into your finances by budgeting or tracking expenses. Don't try to pay all your debts off in a month as it usually is not doable. Just focus on paying a little at a time.

3) Lower your standard of living. This will in turn lower your bills.

4) Look into bankruptcy. If you do this, however, you may have to scrape together a few hundred dollars to file. But you also have to weigh the negative effect bankruptcy would have on your credit.

5) Look into credit counseling services. Only do this if your credit is already wrecked beyond immediate repair because credit counseling services can tarnish a good credit rating. But if your credit has nothing to lose, why not?

Hope things get better for you. Good luck!

Answer 3

Yikes!! Payday loans are DANGEROUS!
Been there, done that and quickly learned my lesson.
Sit down, write out all the debt owed, calculate your income and expenses and then try to figure out a way to be able to at least pay some of it back toward the debts.
If you want (and I know this is coming from a complete stranger but I'm happy to help) send me an email and we can work it all out together. Sometimes it just helps to have an outsider look at it and come up wtih ideas together on the best way to work it out.
That or you might want to consider looking for a debt counsellor...
Up to you but I'm at your service!

Answer 4

I hate to break it to you, but getting a loan to pay off debt doesn't keep you out of debt - it just changes who you owe the debt to. You stayed in the same cycle, but bought yourself a little time.

You don't necessarily need more money - you need better money management. Without knowing the specifics of your situation, I can't make any specific recommendations, but I can direct you to some texts that can help you change your situation, and give you some general advice.

-Create a budget. Detail exactly how much your family earns, and create a list of everything you spend money on. Don't guess how much you spend in a month - look at your past receipts and calculate the real, actual amounts. A computer program like Quicken can help you do this effectively. It's time-consuming to create, but will be crucial to your success.

-Focus on paying the necessities first. Have money automatically deducted from your account/paycheck to pay off your loans, so that money is spent before you get a chance to waste it elsewhere. Cut back wherever you can - cancel subscriptions, ditch the cable TV, make lunch and coffee at home instead of buying it elsewhere.

-Create a plan, and discuss it with your creditors. Figure out how much you can save each month to devote to these bills, and make it a top priority. Talk with your creditors and show them your plan. Let them know you are trying, and you expect to have the debt paid by such-and-such time, and ask if they are willing to work with you to reduce the amount of the debt, the interest, or extend the time period.

Also, get down to your local library tonight and start checking out personal finance books - they can be wonderfully empowering and inspiring, and most are written in simple, easy-to-understand terms.
Some good, easy reads:
-The Complete Idiot's Guide to Personal Finance in your 20s and 30s
-The Complete Idiot's Guide to Managing Your Money
-“Smart Women Finish Rich” or “The Automatic Millionaire”, by David Bach
-any Suze Orman books

Answer 5

So quit using payday loans. There in the business of making money off of you. So quit using them. Than get all your bills together and get in contact with each creditor. Let them know your trying to consolidate your bills and would like to work out a type of payment plan. Be smarter than your bills. Keep in contact with the creditors, and this shows that you know you owe them and your making an honest attempt to get the debt settled. There more willing to work with you to help you that way. Good luck.

Answer 6

You don't get payday loans to get out of debt. Payday loans just put you into another (expensive) type of debt.
There is nothing magic about this. You two need to either make more money or spend less.

Answer 7

A second mortgage can be the first step to climbing out of debt, especially for homeowners who have bad credit. A second mortgage is a loan taken out in “second position” on a property that already has a mortgage. There are fixed-rate loans, adjustable-rate loans and home equity lines of credit (also known as HELOCs). Fixed-dollar-amount mortgages are the way to go when you need all the money at once. A HELOC is a credit line that can be drawn upon as needed up to the limit of the loan.

For more info about second mortgage, pls visit
http://second-mortgage.toponegoods.com

Answer 8

For Credit and finance solutions I recommend this website where you can find all the solutions. http://creditandfinancesolutions.info/index.html?src=zqyboXZ22

RE :My mother and I have gotten several payday loans to keep us out of debt, and now can not pay them we need help
We also can not pay off the bills we need to. Can you help PLEASE
Follow 19 answers

Answer 9

You simply need to stop spending on unnecessary things at once, and direct whatever money you have to pay off the loans.

A lot depends on your determination and willingness to suffer a little to get out of debt. If you continue to indulge in self gratification, then you will forever be in debt.

Answer 10

Uh, payday loans don't keep you out of debt, they dig you deeper into debt. But I guess you've found that out now.

Good luck.

Answer 11

Let me see here....you got a loan to get out of debt? That doesn't make any sense.

I suggest you step away from the drug and do not borrow any more money. Go cold turkey. Get yourself on a pure cash basis and walk away.

Credit is like a drug. We get hooked on it trying to live a lifestyle we can't afford. I suggest hard work, education and save your money. Learn to live within your means and you'll come out of this eventually.

But, the first step is to decide to do something about it.