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Debt-relief options outside of payday loans

When debts are stacking up and income just doesn't equal the outgoing expenses, individuals and families can feel forced into making what seem like desperate decisions. Online articles tell you to simply buckle down and things will get better. Stop buying extra coffee out, say these articles, and put that $5 a day toward debt or savings. But what if you aren't spending that extra money and things still aren't evening out on the budget?

Some individuals turn to payday loans to make a temporary difference in their wallets. Payday loans are short-term, high-interest loans that are often not based solely on credit history. The idea behind payday loans is that you borrow a small amount and pay it back within a week or two -- as soon as you receive your paycheck. They are supposed to help you with an immediate expense so you can make it until payday.

One major problem with payday loans is that, for most people, the financial problems are still there on payday. If you use a payday loan to meet an expense in the middle of your pay cycle, then you already used part or all of your pay check. That means when you do get paid, you're still behind and you might now owe even more debts.

Instead of turning to short-term solutions that don't do anything for you, consider a long-term solution that helps you stop collections activities for good and saves you from foreclosed homes and other losses. Bankruptcy is a way that you can put a stop to the payday loan cycle and finally balance your debts and income. Our firm works with you to understand how bankruptcy works in your situation and how and when you might have to deal with each creditor following a bankruptcy filing.

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Law Office of Ruth Nelson
7742 14th Avenue NW
Seattle, WA 98117
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