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How Payday Loan Debt Spirals Out of Control
Debt Management Solutions
How about you all? Have you ever used or looked in to using a debt management/settlement company to help you with your debt payoff?
Share your experiences by commenting below!
Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.
- As mentioned in the article above, a debt management plan is not necessarily the best answer for everyone.
- In fact, you can actually accomplish quite a bit yourself by simply calling your creditor and explaining your situation. I don’t have personal experience doing this with payday loans, but I have experienced first hand that it can work well for credit card debt.
- One thing that a debt management plan can help with though is to provide extra incentive/motivation for you to change your behavior of spending, if that is a challenge you are facing. Our staff writer, Travis, explained this very well in his post about his personal experience with his debt management provider.
- If you are considering a debt management plan, it is very important to carefully review your options to make sure you are not being taken advantage of/paying too much for something of no value.
- The National Foundation for Credit Counseling is a great place to start to find an honest debt management company.
***Photo courtesy of http://upload.wikimedia.org/wikipedia/commons/c/c3/Chess_board_opening_staunton.jpg