August 23, 2012

Payday Loan Debt Settlement?

I recently got the following link sent to me in an e-mail.  Being a big fan of bashing payday loans, I clicked on the link.  I was initially disappointed to find that the link led me to a dead page.  But in reality, this is probably a good thing.


Payday Loan Debt Settlement – Loan without credit check!
Payday Loan Debt Settlement. Instant Approval! No Faxing! Get Funs Fast By wire transfer. No credit checks.…

It is not very often that we recommend taking on additional debt to pay off existing debt.  I can never imagine a situation in which we would recommend taking out a payday loan to pay off your debt.  In fact, with the associated high interest rates, taking out a payday loan to pay off your existing debts would probably put you in an even bigger hole.  These kind of ads pop up online and on television late at night.  If you find yourself intrigued by the concept of getting out of debt, don’t fall for these scams.  Seek the assistance of an attorney skilled in negotiating for large reductions in your unsecured debts.  While you will pay attorney’s fees for this type of help, in the end you will likely pay considerably less than you owe with fees included.  And you will definitely end up paying less than you would under a payday loan.