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can debt settlement companies help with elimination of payday loans? If not, do you know of any program that can assist with this?

Payday loans are very aggressive loans with tremendous interest rates that can be as high as 1000% annualized. In my opinion, these should be avoided at all costs with the only exception being for those who are in a very short term cash crunch (like a week) and they have an emergency that pops up that requires cash they will definitely have in a week (or less) but do not have now. If you take a payday loan and do not know exactly how and when you will be able to pay it off you are asking for big trouble. Never delay paying back a payday loan and never use payday loans except for one time emergencies.

Debt settlement typically cannot help you with payday loans because the interest rates are so incredibly high that the balance you have will grow more rapidly than the settlement company is able to negotiate. If a payday loan company charges you $15 for a 2 week $100 loan and you cannot pay it back, they will charge you another $15 every 2 weeks you do not repay the loan in full (as an example). So if you let it go, the fees add up quickly and can become more than the original amount you borrowed.

Unfortunately, I do not know a good solution for someone who is in debt with lots of payday loans. The most important thing is to refinance your home, borrow money from family, or anything else that will allow you to pay off the payday loan ASAP. You are in much better shape owing the money to a family member than owing it to payday loan companies.

I hate to say it, but even using a cash advance on a credit card to pay off payday loans is better than letting it pile up. A credit card that charges an 18% rate per year is still much better than a loan of up to 1000% per year.