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18 Feb 2015

If you have gotten caught up in the pay day loan craze and you now have several loans hanging over you, what should you do? How can you manage your pay day loan(s)? Depending on how deep you have gotten yourself and how many loans you have the best thing to do is to plan a way to repay them without taking out any more loans.

Let's just use a hypothetical situation or two. Scenario number one:

A worker bringing home 700 pounds every two weeks has three pay day loans. The finance charge on all three loans is 25 pounds per 100 pounds borrowed. According to the website pay-dayloans.com.au.

  • Loan #1 is for 300 pounds and has been rolled over twice. The finance charge is 75 pounds. So the current balance is 375 pounds and he has...