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According to the Pew Charitable Trusts, the average payday [link widoczny dla zalogowanych] loan borrower takes out eight payday loans in a year and spends $525 in interest on just $375 of principal as of 2012. This shows that too many people are stuck in a cycle of using payday loans to pay off ordinary living expenses.
When this happens to you, you may want to consider credit counseling. This is a service that will help you look at your finances and help you come up with a plan to pay it off. If your situation merits it, a credit counselor will even negotiate with your creditors for you to [link widoczny dla zalogowanych] get [link widoczny dla zalogowanych] lower interest rates in an effort to pay off your credit.
Not only will this service allow you to pay off your debt sooner, it will allow you to have lower payments so you have more money left over each pay period so you can start saving up for a rainy day or pay down the principal on your payday loan, if this is the case.
When you go to your initial [link widoczny dla zalogowanych] meeting with a credit counselor, he will help you determine if you are a good fit for the program. About one-third [link widoczny dla zalogowanych] of people who go to credit counselors are able to [link widoczny dla zalogowanych] work [link widoczny dla zalogowanych] on paying down their debt on their own after the initial meeting. Another third are so far in debt that [link widoczny dla zalogowanych] they are told their best option is to go through bankruptcy, which gives them a chance for a fresh start financially.
The final one-third aren't able to take care of their debt on their own and would benefit from the services of the credit counselor. Make sure, however, that your credit counselor is able to work with all of your creditors, since not all credit counselors have agreements with all creditors.
What will then happen, is the credit counselor will negotiate with the creditors on your behalf to lower the interest rates on your unsecured debt other than any payday loans. You will then make one payment to the credit counselor, [link widoczny dla zalogowanych] who will then pay each of your creditors each month. This provides the creditors with a measure of security knowing that the credit counselor will pay on time.
What you pay [link widoczny dla zalogowanych] to the credit counselor also will include a monthly fee for the services of the credit counselor. One thing to remember is that you are free to negotiate with your creditors yourself. A creditor may have a program that lowers your payment even more than an agreement with the credit counselor would. If you are uncomfortable with negotiating, then it would [link widoczny dla zalogowanych] be helpful to use a credit counselor to negotiate.
Make sure when you [link widoczny dla zalogowanych] come to an agreement with a credit counselor that it shows in detail how long it will take to pay off the debts and how much you are paying in fees.
The key to all this is making sure you are open to making some big changes in your spending habits and being diligent and patient in making the payments. Otherwise, you may find yourself stuck back in the payday loan cycle.

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