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By: Doyle Morena

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Friday, 7-Jan-2011 13:49 Email | Share | | Bookmark
How to Get Out of Quid Loan Debt Fast

 
While Quid Loans or cash advances can be a great resource for short term cash, all too often consumers get trapped in a cycle of debt often known as "payday loan hell." Consumers often don't know how to get out of payday loan debt and feel confused, scared and embarrassed by the situation. Though, there are options for consumers caught in the cycle of debt that is all to common with payday loans and cash advances.
The Payday Loan Problem
Payday Loans are intended to be used every once in a while, when a short term cash need arises. Though, many people find that they get "trapped" by payday loan debt. If they are not able to pay one when due, they may take others out to help them get by. Before long, consumers can get upside down with their payday loans, with interest alone taking half of their paycheck or more.
How to Get Out of Payday Loan Debt
There are several option for the consumer who feels trapped and wants to get out of payday loan debt:
1. Borrow money from friends and family and pay them all off. Use an online service to structure these loans as low interest loans. This choice is not always available to consumers and often embarrassment prevents them from taking this step.
2. Don't pay the loans back. This is not a wise move, as payday loan companies and their collectors may harass you for years to come. As well, many of the companies sell their debt to collection agencies that report you to the credit bureaus. This negative reporting could stay on your report for up to 7 years.
3. Payday Loan Debt Settlement is another option for consumers. If you search for out a reputable company, they can supply you with assistance in receiving out of payday loan debt. They will work with you to setup an affordable monthly payment, reduce collection harassment and get your loans paid off in as little as 6 months. The length of time it takes to pay off the loans and the amount of your monthly payment will depend on the amount of your payday loan debt and your monthly disposable profits.
4. Bankruptcy may be an choice as well, but the important fact is that bankruptcy will remain on your credit for ten years. Consumers considering this choice are advised to consult a lawyer.

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