Debt Consoldiation Assistance
888.338.0393

Financial Freedom Community

This site is a resource for Financial Education, Debt Solutions and Tools to assist with Credit Management. All the resources on this site are free of charge. We encourage visitor feedback, Tell us what you want to see more of! Sign up for news & updates and we'll keep you posted on the latest!

Navigation

Home
About Delray Credit Counseling
Contact Us at Delray Credit Counseling
Privacy Statement
Testimonials
Add A Testimonial
Terms Of Use
Disclaimer
Ask A Question
Bankruptcy
Community Resources
Consumer Protection
Employment Resources
Financial Assistance
Health and Human Services
National Resources
Seniors Resource Center
Tax Resources
Getting Ready to FIle Your Federal Tax Return
Transcript - Getting Ready to FIle Your Federal Tax Return
Info Graphic - Getting Ready to FIle Your Federal Tax Return
The Importance of filing your Tax Return or Tax Extension on Time
Transcript - The Importance of filing your Tax Return or Tax Extension on Time
Info Graph - The Importance of filing your Tax Return or Tax Extension on Time
Most Common Tax Filing Errors
Transcript - Most Common Tax Filing Errors
Info Graphic - Most Common Tax Filing Errors
Owing Money To The IRS
Transcript - Owing Money To The IRS
Info Graphic - Owing Money To The IRS
What to do with your tax refund
Transcript - What to do with your tax refund
Info Graphic - What to do with your tax refund
Credit Card Debt
Advantages of Making Credit Card Debt Payments on Time and Other Tips
Avoiding Credit Card Traps
Credit Card Counseling - Learn Credit Management Tips
Credit Card Debt and Simple Ways to Consolidate Them
Credit Card Debt Consolidation Nationwide Epidemic
Credit Card Debt Consolidation Solutions
Credit Card Debt Help for Senior Citizens
Credit Card Debt Reduction
Credit Card Debt Solutions That Can Help
How to Pay Your Way Out of Credit Card Debt
Paying Off Your Holiday Credit Card Debt
Prevent Identity Theft With a Credit Freeze
Saving Money on Your Credit Card Bills
Terminate Credit Card Debt Without Consolidation
Tips on Credit Cards, Part 1
Credit Collection Laws
Credit Repair Organizations Act
Fair And Accurate Credit Transaction Act
Fair Credit Billing
Fair Debt Collection Practices – Know Your Law
Statute of Limitations
The Fair Credit Reporting Act
The Fair Debt Collections Practices Act
The Truth In Lending Act
Credit Counseling
Can Consumer Credit Counseling Help Avoid Foreclosure
Credit Card Counseling
Credit Counseling a Must for Bankruptcy
Credit Counseling Benefits
Credit Counseling Can Reduce Your Debt
Difference Between Credit Counseling and Debt Settlement
Free Credit Counseling to Help Manage Your Debt
Using Credit and Debt Counseling to Manage Your Finances
What Can Credit Counseling Offer You?
What is Credit Counseling
What to Ask a Credit Counselor?
Credit Education
Balance Transfers -- Are they really free?
Transcript - Balance Transfers – Are they really free?
Info Graphic - Balance Transfers -- Are they really free?
Consumer's Rights
Establishing New Credit
Finance Charges
What Are Secured Credit Cards
Transcript - What Are Secured Credit Cards
Info Graphic - What Are Secured Credit Cards
Credit Reports and Scores
Credit Repair After Bankruptcy
Do you Know the Benefits of Checking your Credit Report?
DCC Educational PDFs
Debt Blog
Debt Consolidation
4 Valuable Tips on Debt Consolidation
Become Debt Free With Financial Advice
Benefits of Debt Consolidation
Bill Consolidation - Consolidate Bills - Bill Consolidation Loans
Bill Consolidation Advice to Help With Debt
Credit Consolidation: Is It Worth Taking?
Debt consolidation and Ways to Avoid Scams
Debt Consolidation Explained - What Happens if You Don't Pay?
Debt Consolidation Loans
Debt Consolidation Loans for Payday Loan Debt
Debt Consolidation Non-Profit
Debt Consolidation Now Will Improve Your Credit Score Later
Debt Consolidation Provides Relief from Financial Stress
Debt Consolidation Services Helps to Clear Debts
Debt Consolidation – Find Relief To Your Financial Stress
Debt Management Program
Debt Management Program Will Ease Debt Burden
Do You Need Debt Consolidation?
Get a Debt Consolidation Loan to Manage Bad Debts
Government Debt Consolidation Loans
Government Debt Consolidation Loans
How to Consolidate - Debt Help - Consolidate Your Debt Payments
How to Consolidate Bills Effectively When Left in Debt
How to Consolidate Debt
Let the government help you consolidate your debts
The Advantages of Credit Consolidation
Understanding Debt Consolidation Loans
Debt Girls
About The Girls
Debt Settlement
Debt Settlement Scams
Info Graphic - Debt Settlment Scams
Transcript - Debt Settlement Scams
Elderly Can Benefit from Debt Settlement
Financial Education
Financial Marketplace
Financial Tools & Calculators
Calculators
Car Loan Calculator
College Savings Calculator
Credit Card Payoff Calculator
Mortgage Loan Payment Calculator
Retirement Calculator
Savings Calculator
Phone Apps
Loan Modification Guide - Do It Yourself
Step 1: Prepare yourself
Step 2 Gather the necessary documents
Step 3 Know what to expect
Step 4 Contact your lender
Step 5 Review your loan-modification plan
Step 6 Finalize the approval and begin making payments
Frequently Asked Questions
Bill Reminder Tool
Bill Reminder User Guide
Home Buying
Build or Buy a Home
Choosing a Real Estate Agent
Home Equity Interest Rate Charges
Home Equity Line of Credit
Home Equity Loan Fees
Lease Buy Backs
Transcripts - Lease Buy Backs
Info Graphic - Lease Buy Backs
Managing Your Mortgage
Mortgage Basics
Mortgage Debt Elimination, 3 Things You Must Know
Quick Guide to Loan Modification
Transcript - Quick Guide to Loan Modification
Info Graphic - Quick Guide to Loan Modification
Real Estate Laws
Refinancing
Renting vs Owning
Interesting Money Articles
12 Amazing Facts about Credit Card Debt
12 More Interesting Facts About Money – Part 2
24 Amazing Pictures of Money
Introduction To Budgeting
The Basics of Budgeting
Transcript - The Basics Of Budgeting
Info Graphic - The Basics of Budgeting
7 Steps to Successful Budgeting
All You Need to Know About Budget Basics
Basics of Personal Budgeting
Budgeting - How Much?
Debt Management and Prevention Using a Budget
Debt Reduction By Setting a Budget
How to Pay Off Debt – Start Budgeting
The Importance of a Household Budget
Maintaining and Budget Planning
Manage Your Debt by Learning How to Budget
Managing Debt
Advanced Fees For Unsecured Loans
Transcript - Advanced Fees For Unsecured Loans
Info Graphic - Advanced Fees For Unsecured Loans
Debt Relief The Issue of Forgiveness
Get Out of Debt by Changing Your Financial Habits
Personal Finance Management to Reduce Debt
Start Early Teaching Kids Money Management and Savings
Saving Money
Banking & Credit
Energy Saving Tips
Transcripts - Energy Saving Tips
Info Graphic - Energy Saving Tips
Enjoy the Holidays Without Breaking the Bank
Transcript - Enjoy the Holidays Without Breaking the Bank
Info Graphic - Enjoy the Holidays Without Breaking the Bank
How 'Charge Offs' Effect You
Insurance & Housing
Money Management Means Setting Goals
PREPARING YOUR BUDGET FOR A WORSE CASE SCENARIO
Save Money When going to work
Spendaholic
Transportation Savings
Utilities and Savings
What Debt Should You Pay First?
Young Couple Finances
Student Loan Debt
Student Aid
Student Loan Tips for Recent Graduates
Student Loans and the Credit Squeeze
Consolidate Student Loans
Types Of Debts
Auto Loan Prepayment Penalties
Balance Transfers
Credit Card Minimum Payments
Gambling Debt Problem Gambling and Bankruptcy Connection
Holiday Credit Card Debt
Ideas To Save
Inherited Debts?
Ways to Pay Off Holiday Debts
Six Easily Avoidable Causes of Debt
Video Library
Debt Girls
Personal Finance Video library
Tax Tips Video library

VIDEO SERIES

Debt Consolidation Loans for Payday Loan Debt

Payday loans are a symptom of poor financial management. Consider a debt consolidation loan to get rid of them permanently. 

The Myth of Payday Loan Help

Payday loans are touted as emergency help for those who run out of money before the next payday. The concept is that once an individual receives his/her paycheck, he/she will march right on down to the payday loan office and pay off the loan. Unfortunately, in paying off the loan, the debtor now doe not have enough money to make it until the next payday, and so another loan is taken out. Even worse, a debtor decides not to make the loan payment in full, and payments at huge interest rates are then set up. Once someone begins the payday loan cycle, it is terribly difficult to break the pattern, and the cost of the loaned money is exorbitant. Often, a debt consolidation loan is warranted.

Help From a Debt Consolidation Loan

Debt consolidation loans can be used to relieve a debtor of backed up payday loans, and are a good option when there appears to be no other way out of the cycle. Basically, a debt consolidation loan will roll all of the payday loans into one loan, hopefully at a lower interest rate and with a payment lower than that being made to the payday loan company. This type of loan will allow the debtor to again live within his/her budget, getting this consolidation debt paid off in a reasonable manner.

The Additional Caveat

A debt consolidation loan should not be considered a temporary fix to a recurrent problem of not living within one’s budget. Once a debt consolidation professional steps in to assist with securing the loan, there should be additional assistance so that the debtor does not repeat the same pattern of borrowing to make ends meet until paydays come. All too often, unless the behavior is changed, the individual will find himself in the same situation as before. The following steps should be taken with the help of a good professional:
  1. Establish a budget within which you can live. This may mean that you do without luxuries for a while; however, it is absolutely essential to develop the habits of living within the confines of one’s income.
  2. After paying bills and purchasing the necessities, determine how much money is left. Vow to stretch this money over the next days until the next paycheck. This may mean that lunch is taken to work instead of purchased; this may mean that pizza is not ordered in; this may mean that movies are rented rather than viewed at the theater. Whatever the unnecessary expenditures, vow to avoid them until you have financial stability.
  3. Once the debt consolidation loan is paid off, it is important to begin a regular savings plan. No matter how little, the habit of putting something into savings from each paycheck is critical. Having a savings account will allow one to use it for emergencies rather than making that dangerous trip to the payday loan store.
McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams