We need to grit our teeth and create payday loan payoff success. Are you struggling to pay off your payday loan lender? Are you making excuses as to why you cannot pay? Month to month, you’re barely paying your necessary expenses, and there doesn’t seem to be any money leftover. You can say, “I can’t,” or “There’s nothing left,” all day, but it won’t change the results. You need to pay back your loan to keep more trouble out of your finances. We all know that it’s easier to say than do. Your priority is to accept the debt, be realistic about how you will afford it, and make the necessary changes to get it paid off. Remind yourself that you are not alone. You are not the only person who has ever struggled to pay back a payday loan. Take some of the guilt and shame off of your shoulders. Unfortunately, debt is common but not impossible to rid yourself of it. Like many of us, you needed fast money, and the direct lender came through for you. Getting the payday loan did not have to involve family or friends. It was supposed to be a short term loan, and now it’s drawing out for too long. Dig your heels in the dirt because now it is time to pay it back.
Create Positive Mindsets
* Motivation – Fast forward. Think about how good you will feel once the fast cash advance is paid off. It’s only a few weeks of struggle. You can make it through this rough spot for a few weeks.
* Turn it into a lesson – Instead of focusing on the negative, turn your money problem into a positive. If you can’t do it alone, ask for help. Turn to a friend or family member for guidance as you work your way out of a potential debt cycle. Perhaps you get some accountability so that you can answer to someone. Many people who think they can do it themselves end up applying for another loan soon after their last payment. Paying a payday loan off in full takes a toll on a budget that depends on the entire paycheck. Learn how to to get debt paid and apply your knowledge to help clean up the rest of your credit challenges.
Actions To Keep Balances Decreasing
*Stay on task – Keep tabs on the progress as you go. Since this loan term is only a few weeks, you will want to measure progress at least every other day, if not more. If you can’t measure it, you can’t manage it. Managed debt will bring fruitful results. You can make changes as needed and redirect when failing. It’s no time to quit. You have to keep at it.
* Work with your lender – Some payday loan companies will have payoff plans as part of their best practices. They will accept partial payment as long as the amount covers the fees. Pay as much as you can to lower the principal balance. As little as it may seem, that little extra payment makes a difference so keep at it. A lower balance brings less finance charge. It’s good to communicate to the customer service representative at the payday loan company, so you can work at the debt balance to keep your financial status in good order.
* Don’t stop making a positive difference in your budget. You finally paid off the debt, but your finances are not out of the woods. Don’t stop taking care of your money. You just successfully paid off your payday loan lender. Hold onto that strict mindset you had, and don’t let it go. Be diligent so that you can get to the financial freedom that you desire. Move forward to credit card debt. Attack the highest interest debt. Once you get this next debt paid down, you will begin to measure a less stressed budget.
Keep It Going
Manage your debt to prevent it from swiftly falling wayside. It’s so easy for your finances to get out of hand and so hard to pay off debt. Remember this. Do you best to keep away from payday loan companies with high finance charges. If the financial bind arises again and you need to make that call, keep the cash advance short term. Use only in true emergencies. You have gone from someone who was drowning in debt to a knowledgeable person fighting money problems and winning. Celebrate your success, you deserve it! Keep working on it.