Taking out a payday loan can lead to a cycle of ever increasing payments, where you borrow an amount you need, then you borrow a higher amount to cover the original loan. This can escalate quickly.
If you are having trouble with payday loans, then it’s quite possible you have other debts as well.
Due to how expensive a payday loan can be and how easy they can be to get, they are often the type of loan that are taken out by people already struggling: paying off debt with further debt.
Breaking this cycle is key to your financial recovery. and there are several debt solutions that may be appropriate to help you do this.
To find out more about how you can break the cycle of debt, visit our Payday Loan page.