Most people take out numerous payday loans to fix a financial emergency that didn’t anticipate. They don’t realize that this will only get them deeper in debt and is a short-term fix. A long-term fix is debt consolidation for payday loans. Having too much debt can be stressful and ruin your credit.

Debt consolidation for payday loans allows you to make one low monthly payment to a debt consolidation company. The payday loan consolidation company will set up a trust account in your name that you will make your payments to. Then they will make payments to many different creditors for you with this monthly payment. Payday loan debt consolidation companies can negotiate settlements and affordable repayment plans on your behalf.

By eliminating high-interest rates and excessive fees on your loans. You will be able to afford to repay all your payday loans in a reasonable amount of time. Most payday loan consolidation programs are between 4-12 months based on the debt amount and monthly payment. Many people pay three times what they borrowed over a 2 to 4-year period if they try and repay the payday loans on their own.