Payday loans are crushing a reader's future. Her options are few but powerful.

Question: I am buried in payday loans. They are eating my paycheck, and I’m falling behind on everything else. What steps should I take to get my paycheck back?

— Pat in Illinois

Steve Rhode answers…

We need to take a step back and look at this situation with a wider lens. While you’re currently reacting to the payday loan issue; and the paycheck hassle it is creating for you — it’s just a sign. You probably have bigger financial problems brewing.

For example, I suspect you have no emergency fund or savings account to use if something else needed your financial attention. One more unexpected financial surprise would be unsustainable for you. You’re currently struggling with a past payday loan, and the payday lenders are typically the lenders of last resort, along with pawn shops.

And you’ve already said you have multiple payday loans, so the odds are you are well buried already.

Frankly, the logical solution at this point would be for you to talk to a bankruptcy attorney. Get a free consultation to discuss your situation. You’re legally entitled to a fresh start, and a consumer bankruptcy will terminate all of your payday loans — and give you a chance to do better moving forward.

Steve Rhode is better known as the Get Out of Debt Guy.

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About the Author

Steve Rhode

Steve Rhode

Steve Rhode is known as the ‘Get Out of Debt Guy’ and he has been teaching people how to deal with money problems since the 1990’s. After his own personal bankruptcy, he formed a nonprofit organization to help people get out of debt. Since then, he’s had a syndicated advice column in 50 newspapers across the country and has written three books. He’s appeared on FOX, CNN, ABC, NBC, and MSNBC giving money advice and now he is now an investigative reporter specializing in covering consumer debt and the debt relief world.

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