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I can’t bear the fees anymore. I took out a loan to pay off the payday one. But not the compounding interests are turning my life hell. Should I close my checking account before talking to a debt consolidation company?

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I agree with Travis. I feel closing one now may create some problems in future. so it's best t consult an attorney before taking on any steps.

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The tactics that payday loan companies undertake to collect on a loan is by driving the debtor crazy with repeated calling. They may sue you as a last resort, but this is both time consuming and expensive.

You can close your account at anytime you like but I’m concerned whether you’d be able to open a new in future.


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Last Updated on: Fri, 8 Jun 2018