Debt Consolidation Loans - Payday Style
People in debt all share a common, eternally frustrating goal - the elimination of that debt, the endless walk down the path toward debt freedom. Helping us along that path are those so-called debt consolidation loans, lump sums of cash with which we pay off all our debts in a single swoop. Afterwards we are only responsible for that single obligation, which in theory carries a lower overall APR and a longer repayment period.
Unless debt consolidation loans are made against payday
However, there is a major trend a-brewing of people using payday advances as a form of debt consolidation., They see a few small debts that need to be paid off ASAP so they turn to payday loans, and yes,m they pay off their debts right away. However, this tactic goes against the principal benefits of debt consolidation loans in two very important ways:
- The rates for your payday advance are guaranteed higher than the rates you are paying for your debts, no matter how make late fees you have built up over time.
- Repayment isn't possible over a long period of time, rather on the date of your next paycheck, which could be as little a s a few days.
Payday loans for debt consolidation? Yeah, maybe it is possible. But your debts aren't going to disappear, just replaced by higher cost, more urgent financial obligations - exactly what you don't need as you walk that road toward debt freedom.
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