Common debt relief options for payday loans include debt consolidation, debt settlement and debt management through a credit counseling agency.
Debt Consolidation Loans
A debt consolidation loan is a single loan that combines multiple loans into one payment. Generally, these are unsecured personal loans, with a fixed interest rate monthly payment. Personal loans for debt consolidation generally work best for people who owe multiple lenders or are struggling to make payments.
With debt consolidation loans, there is no reduction in the original amount owed, but your new loan generally will have a lower interest rate and smaller monthly payment than the total sum of your debts before consolidating. Debt consolidation loans may still carry …
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