As everyday living costs rise, more and more people are finding themselves in financial trouble each month. As a result, a large number of those struggling are turning to payday loans as a quick solution to their problem.
However, if you then find your financial circumstances worsen – for example, you lose your job – your debts may start to snowball. If this is the case, here’s some tips on how to best manage the situation:
- Cancel your credit or debit card that your payments are being made from so no more money can be removed before you have a chance to talk your situation through with your lender.
- Next, get in contact with your lender and let them know you may not be able to pay on time. Work out with them what you can pay monthly and when your debt will be repaid at this rate.
- It’s wise not to go posting your every move to Twitter or Facebook as some lenders will use social media to ‘profile’ borrowers.
Source:http://www.mirror.co.uk/money/personal-finance/payday-loans-advice-what-things-2052460
