I Am Swimming in Payday Loans and Drowning


Dear Steve,

I am swimming in payday loans, unsecured debt and I’m not going to make it. I am seriously considering going bankrupt, but I’m not sure that’s the best choice.

I truly need your assistance

Can I get out of debt? I have about 4000 dollars in payday loans and am making payments of about 300 on each of them, twice a month and I’m completely buried.



Dear Carol,

It sounds to me as if bankruptcy is worth a serious look. You should find a good local bankruptcy attorney and have a free discussion about what bankruptcy would mean for you. Bankruptcy is the fastest way to get a fresh start for the least amount of money.

The reality of bankruptcy is a lot less scary than the fear and assumptions people have. For example, read Those That File Bankruptcy Do Better Than Those That Don’t.

When thinking about how to deal with your payday trap, approach it from a math perspective rather than an emotional point of view.

From what you’ve said the payday loans don’t add up and you are drowning. Unless you are going to get another job, increase your income, or win the lottery the odds of you paying your way out are slim.

When you compare the general debt-relief options, bankruptcy is the least expensive and fastest way out of debt.

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You are not alone. I’m here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don’t give up.

Damon Day - Pro Debt Coach