What We Do
- A Debt Coach starts by reviewing your current financial situation.
- Using that information a plan is created to repay your debts within your income.
- You are given one easy, affordable payment to make each month to repay your debt.
Payday loans, otherwise known as Cash Advance Loans, are the newest trend in low amount, short-term, high interest rate loans. With over 23,000 payday loan storefronts across the United States it is not surprising that over 10 million dollars in payday loans get completed each year. Many states now regulate how these loans work, how much can be borrowed, how much can be charged, and how many loans can be taken out at once, but those regulations don’t educate the consumer on how these loans work.
Though they may seem like an easy fix to a financial problem many consumers are learning that they cause more troubles than they solve. Most consumers that use these loans live paycheck to paycheck, which means that every paycheck in the foreseeable future is already accounted for. This means the money needed to repay the loan isn’t going to be available in two weeks when the loan comes due which is why most loans take the average consumer 6 months to repay. At an average interest rate of 322% those consumers that borrow quickly discover they must keep borrowing to repay loans already taken.
If you have found yourself caught in this cycle of borrowing A Debt Coach can help you break free. We can make arrangements on your behalf that will fit within your income levels and create a budget for you so that you avoid falling into this trap ever again.
Contact us (888-767-9155) for a Free Consultation