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Breaking Free of Payday Loans

Millions of families run out of money before the end of the month. To make ends meet, many resort to payday loans. Can you identify?

A payday loan is generally a short-term, high-interest loan that is typically due to be paid by the next payday. These loans can have 300% or greater interest rates! To put that into context, the average store credit card has an interest rate of 22%.

Most people who take out payday loans become trapped in the impossibly high interest rates and can’t ever pay off the debt. These loans are usually sought after because of an immediate need – someone is short on rent or another payment. Approximately 12 million Americans a year fall victim and many can’t break free.

If you’re caught in this trap, here’s how to get out.

First, admit that your debt is a problem. Confess it, and seek the Lord’s guidance. Find a wise, faithful couple who will hold you accountable.

Second, stop borrowing more immediately – then stop all unnecessary spending. That includes cable, eating out, entertainment, shopping, and any other splurges. Cut your spending down to your needs only.

Third, increase your income by selling things of value or taking on an extra job. You’ll find some creative ways to increase your income on our blog at

Finally, be vigilant to get these loans paid off as soon as possible. They’re a trap and can lead you to financial ruin. Speak to someone at your church who can give you wise counsel and encouragement, possibly even financial help to eliminate these debts completely.

With his strength, you can avoid the bondage of payday loans!

And if you need more help or encouragement, call the Crown Helpline at 800-722-1976 or go online to