Payday Loan Consolidation is Available in the West Region of the USA.
Formulating a consolidation plan for payday loans is a viable option for residents in west and southwest U.S. states including Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oklahoma, Texas, Utah, Washington, and Wyoming.
Payday loans seem like the perfect solution when you are in need of funds quickly and easily. These types of unsecured loans are typically available immediately without a credit check. Payday loans are very enticing when you are faced with unexpected bills, repairs, emergencies, and other financial burdens. Soon after receiving one, consumers are hit with the harsh reality that they come with unrealistic repayment schedules, astronomical interest rates, and short due dates with large fees and other penalties.
As their name implies, payday loans generally have a repayment term of 2 weeks, when you are set to receive your next paycheck. If you are not able to pay off the balance of the loan at that time, it is carried forward while the interest keeps accumulating. Many consumers then receive a second payday loan to pay off the initial one, and a vicious cycle of debt is created making it hard for anyone to keep up with the payments and fees.
Consolidating Payday Loans in Western and Southwestern States
Payday loan consolidation is a viable option for individuals who have accumulated these sorts of unsecured short term debts. After researching for a reputable payday loan consolidation company that is properly licensed in the area in which you reside, you’ll be ready to proceed with an experienced debt counselor.
To get started, the counselor will review your financial situation, including all active loans, income, and expenses. If you qualify, you will be given a program that often includes just one new payment, with realistic interest and repayment terms. The new consolidated loan will replace the previous payday loan and eliminate all the interest charges, penalties, and late payments that had accumulated over time. After consolidation, you will only be responsible for the new monthly payment that is lower and more manageable than before you enrolled into the relief program.
Why Consolidate?
Consolidation of payday loans is often a good solution for two main reasons: to eliminate the extremely high interest rates (APR) and short repayment terms (often 1-2 weeks) associated with this type of unsecured debt. The consolidation company that represents you will assist in lowering the APR and re-mapping the loan so it can be repaid over a longer period of time. The result will be a single monthly payment and repayment schedule that is more manageable. Consolidation comes with these benefits:
- Lower Monthly Payment: Rather than pay multiple bills for high amounts, a consolidation plan lets you make one payment that you can afford.
- Eliminate Additional Fees: Consolidations usually halt all interest, penalties, and late fees.
- Flexible Terms: With payday loan debt consolidators, you will have more flexibility with repayment terms and not be bound to very short terms.
- Peace of Mind: A consolidation plan puts you on a path to financial relief.
Consolidation Options
You can attempt to consolidate your payday loans on your own, or you can be represented by a payday loan consolidation company. If you choose the latter, you should find an organization that has all the proper categorizations for your needs. The organization should be deemed as legitimate by findings such as: BBB accredited, A+ rated, national presence, a properly defined non-profit organization, with a track record for legitimate and well reviewed business in your state.
What to Expect with Consolidation
Like most other U.S. states, states in the western region including AK, AZ, CA, CO, HI, MT, NV, NM, OK, TX, UT, WA, and WY, support the consumers ability to consolidate payday loans and other unsecured debts when it is in the best financial interest of the consumer. Consolidation gives consumers the opportunity to transfer their debt into one affordable payment, with realistic interest and repayment terms. In the long term, consolidation will allow you to maintain good credit, lower your expenses, give you peace of mind, and put you back on a path to financial freedom. A reputable consolidation company will work with your lenders to build a relief program that is beneficial to all parties, and will get consumers out of an endless cycle of debt associated with payday loans.
Taking Action Toward Debt Consolidation
If you live in this region and have accumulated one or more payday loans, you are likely eligible for consolidation. If you are not in a position to repay the loans and/or at the point of receiving phone calls or letters demanding payment, it is probably the right time to schedule a free consultation with a reputable payday loan consolidation company. An experienced firm can you help you take back control of your finances and life.
BSI services the following states in the west and southwest regions: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oklahoma, Texas, Utah, Washington, and Wyoming.
BSI also serves states in these regions: Northeast, Southeast, Midwest.
The Stats: Consumer Debt in the Western Region
The Western region has some of the highest consumer debt balances in the United States. Consumer debt includes categories such as mortgage, auto, student, and personal loans, and credit card balances. In 2020, the national average was $92,727, while 10 of the 14 states BSI service in the area exceeded this amount. Furthermore, the majority of the states showed an increase vs. the previous year. The following shows the most current annual data available at the time of this posting.
| State | 2020 Consumer Debt (in thousands) | % Change vs. 2019 |
|---|---|---|
| Alaska | $108.2 | -2.0% |
| Arizona | $98.3 | +0.6% |
| California | $130.8 | -1.6% |
| Colorado | $132.0 | +1.7% |
| Hawaii | $133.9 | -2.9% |
| Idaho | $97.8 | +5.1% |
| Montana | $89.2 | +3.2% |
| Nevada | $101.7 | +3.9% |
| New Mexico | $76.4 | -1.2% |
| Oklahoma | $68.3 | +3.6% |
| Texas | $81.4 | +2.0% |
| Utah | $114.3 | +2.5% |
| Washington | $127.3 | +2.6% |
| Wyoming | $97.1 | +0.8% |