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ayhda88r
Posted: Wed 8:21, 21 Aug 2013
Post subject: www.msc-sahc.org/moncler.asp Credit Counseling Can
According to the Pew Charitable Trusts, the average payday
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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
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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
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meeting with a credit counselor, he will help you determine if you are a good fit for the program. About one-third
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on paying down their debt on their own after the initial meeting. Another third are so far in debt that
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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,
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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
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Make sure when you
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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.
MyCashTime Online Payday Loan offers fast loans when you need quick cash. Visit ApprovedMoneyCenter for more information on how to obtain a short-term online payday loan.
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