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26 January 20098
Close Your Bank Account
From experience, I know how easy it is to get over your head in Payday Loan
Debt. You may be experiencing this cash squeeze right now. You may have even had a payday loan provider take
money out of your account unexpectedly. This normally happens when you have been late on payments or made no payments at all.
If you read the fine print on your contract, I sure it reads that they can attempt to collect their money from
your account at any time. Especially if you have defaulted on your loan.
If this has happened or you have completely lost all control of your finances, it may be best to close your banking account.
This is not a recommendation of any kind, but it may be your last and only resort.
First, talk to your personal banker and see if you have any other alternatives before you close your account.
Believe me, bankers are well aware of what can happen when Payday Loan providers
pull out all the stops to collect their money.
Most times, you can avoid this unpleasant happening if you pick up the phone and try to work out a plan with your payday
loan lender. If you honestly try to work out a plan to pay off your payday debt, most lenders will acommodate you
if they can.
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