No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Other than the Payday loan what credit payments are you making. If you can't increase your monthly income and have CC debt I would try to negotiate with the CCCs to see if they would lower your monthly payment. Your goal of course is to be able to live first. You can always rebuild your credit. I did and many others here have done so too. If you post more specific information on your debt, others may be able to help you better.
I'm not sure I would walk away from the creditors. Do you have a good enough score to get a consolidation loan? Have you checked your local resources to see if there is an organization which would help you satisfy the perdatory lender?
@Anonymous wrote:
I'm overwhelmed right now. My take home pay is about $1600
650$ of which goes towards loan payments alone. I'm debating whether or not to just stop paying them all together and instead throwing those 650 at a single loan. My credit is already dinged up enough that I really don't mind.
One of the loans I want to get rid of the most is a pay day loan with speedy cash. I owe $699 dollars. With "CAB" fees of $152 every two weeks which does not even go towards the principal it's just to keep my loan open and in good standing. The loan runs all the way until March when I will have to pay the $699.
This is a toxic load and I know it's my fault and I'm not running away from it. I want to pay it back. But I will keep drowning if I continue at my current pace. I can't snowball payments because I'm already paying the minimum on these loans and I'm barely getting by.
I'm certain that if I bite the bullet I can pay this loan off in a month. And that's only if I stop paying on my other loans. I want to focus on one at a time. I know there will be fees for late payments but I will most likely be making payments of 600 on each loan if i focus one at a time.
So what do y'all think? My plan is probably dumb but I just need a way out.
TBH, I would walk away from the predatory PDL before other creditors. Let it default then settle with them later.
BTW, I had to walk away from a PDL in 2012 when I lost my job - never heard from them and never saw a thing on my reports. I had been paying on it for several months, so I geuss they figured they recouped their money.
What is your state of residence?
Some states have regs/statutes barring pay day loans, which may prevent their initiation of any legal action to recover the debt.
I would advise a consultation with an attorney registered to practice in your state.....