June 5, 2012

Did you know? Debt problems may be caused by using the services of payroll loans aka payday loans.

Many consumers that use the services of a payday loan company have credit problems, no bank account, a poor or bad credit rating, a lower credit score and are financially desperate. Payday loans are not the only, nor are they the best solution for consumers facing debt problems. 

If you are experiencing financial problems Solutions™ will help you to solve your payday loan debt problem today!

“Really! The first step to solving a debt problem is to stop borrowing money!”

D.P.Welbanks

While this may sound simple, most people think if they could get a loan they will get back on their feet and things will work out. However, once you get a payday loan things usually get worse, long before they start to get better. Many of our clients advise us the payday loan they thought would help them has become a debt trap, one they are now struggling very hard to get out of.

Our experience shows us payday loans are seldom used as a one time debt relief solution. Debt Management Programs (DMPs) are a great debt repayment solution for all types of unsecured debt including payroll loans. Most creditors will accept partial payments if a licensed Credit Counselling agency presents them with a debt relief payment programme. Creditors will stop or reduce interest, late and over limit fees!

Now that – is real financial help.

Paying off debt in Canada through a debt relief repayment plan, rather than taking on even more debt at exorbitant interest rates, is the best way to deal with financial problems. Licensed credit counsellors also teach money management skills to help consumers avoid repeating financial problems in their future. 

While, Payroll loans may be a “good” short term financial resource for some, for others it becomes a financial nightmare and they get into serious debt trouble.

At Solutions™ we can stop the payroll loan debt cycle. How? Simple, by creating a personalized Debt Management Repayment Plan, just for you.