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It could be in your favor to research your state's laws governing debt consultation and settlement. You should also consider finding a financial counselor who might be able to help you create a budget and payment plan you can live with as you pay off the debts. There are several ways you can pay off loans faster without putting in too much in extra payments.

The Federal Trade Commission (FTC) has mandated that debt settlement companies follow specific rules.

Here are the main ways to get out of unmanageable debt.

Some programs use a combination of these options, especially debt consolidation and debt settlement.

However, some companies charge monthly maintenance fees as a way around this law.

Be wary of these companies because they can charge fees even if they do not settle your debt.

To consolidate payday loans and get back on your feet financially, you might be able to take out a consolidation loan at a lower interest rate.

Some allow you to consolidate your debt down to a single, monthly payment, preferably one with a lower interest rate than what you are paying with each individual creditor.

These programs can take up to four years to complete during which time you need to severely control your spending, refrain from using credit and budget strictly. Debt Consolidation Consolidation, of course, means rolling your various debts into a single loan, which you use to pay off the creditors.

Naturally, you want a loan with a lower rate than what you were being charged by your creditors.

Finding a Consolidation Loan Creating a Debt Management Plan Using a Debt Settlement Plan Community Q&A When unexpected expenses arise, a short-term or "payday" loan might be tempting.

However, the interest and fees on these loans is so high that you might find yourself in trouble if you're trying to pay several of these off.

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