Swarm debt hits people with three or more credit cards. There are 589,000 people with more than two credit cards that accumulate more than S / 12 million in debt. This is equivalent to 2.5% of Peru's GDP.



Manage your existing 'supplemental' loans

If you must use other financial services, use them wisely. Pay off short-term payday loans immediately and don't refinance them. Keep your auto loan payments up to date. The irony is that some people use another "supplemental" financial service to manage their existing supplemental loans. They brought some properties to the pawnshop. This is because pawn shops have no long-term fees or penalties. At best, you can find money in time to get your valuables back. In the worst case, the pawnshop will take over. Either way, you will not take on any debt.

Get help paying off your refinanced payday loan

What happens if you run up huge debts with payday lenders when you refinance some loans? Then you should explore ways to get help paying off the debt in full. Contact a nonprofit or religious organization in your community. They can help you refinance your payday loan. Then, over time, you must pay; these generally do not charge interest or fees. Some employers and community groups can also help you pay off your payday loan. Find out if your community offers these programs.