The Paycheck Loan Wheel: The Solution Starts

The solution to the frustrating paycheck wheel habit starts with stop. Don't do it. No matter how desperate you are - and especially if you have several of these working at once- don't do another one.

Next step, remain in communication with those from whom you have borrowed money. There is nothing more annoying to a lender, and that is what these places are really, than not being able to contact people who owe them money. Going to them first when you can't make the payment will demonstrate your good faith in eventually paying the money back. It often helps to tell them your are a student, that you are working as well as going to school. If you have already missed a payment or even several it is wise to prepare a plan to repay the past due money. It is also helpful to bring a friend with you for support.