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Bankruptcy and other options for resolving payday loan debt

When Wisconsin residents run into financial trouble, one of their options for quick access to money is to take out a payday loan. However, payday loans should be paid off as rapidly as possible because they continue to accrue fees and interest as long as they are outstanding. Due to this fact, it is easy for those who are already struggling financially to find themselves considering filing for personal bankruptcy due to large amounts of payday loan debt.

In addition to filing for bankruptcy, an individual should also consider adjusting his or her finances, taking out a loan or paying off the loans with a credit card. If possible, they should try to reduce payday loan debt by cutting out all unnecessary spending, including dining out, cable TV and similar recreational spending. Finding a temporary part-time job may also help increase income and speed up the process of paying off the loans.

Other options are to take out a personal or bank loan and pay them back as quickly as possible so as not to end up in with multiple loans as it is hardly an ideal situation. Persons in debts can also try to pay back their loans using credit cards since the fees and interest rates are usually far lower on credit cards; payday loans are known for exorbitant interest rates. Should all else fail, individuals still have the option of filing for bankruptcy.

When individuals consider filing for bankruptcy, it may be a good idea to speak with a knowledgeable bankruptcy attorney. Different states have different laws regarding filing, and an attorney may be able to help understand the process and requirements, and evaluate which option may be best for the situation.

Source: Fox News, "Is Bankruptcy the way out of Payday Loan?," Steve Bucci, March 1, 2013

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