Many people today are trapped under the weight of payday loans. This happens when unexpected bumps in the road occur and people borrow money at a very high interest rate in order to cover them.

Unfortunately, if you are on a tight budget the added cost of the loan only adds to your problems. If you have good credit you can take out a personal loan at a lower rate and payoff the loans, saving money in the long run. If you have bad credit there is no fast and easy way to pay them off but, you can get out from under payday loans.

First, make a budget. Try to honestly track your spending over the past month. Then, see if you can cut back anywhere.

Next, look at your bills and figure out your debt to income ratio. While I am not encouraging anyone to not pay their bills some people might find that they cannot afford to pay all of their bills and the payday loans. My advice to them is to always pay your secured debt first. Car loans, home loans, rent etc. Along with your heat, lights, water, food, gas should always be paid on time. Then all 'extra' income should be used to pay-down the loans. 

You should try and work out payment arrangements with your credit cards and loan officers that you can afford. The debt with the highest interest rate should be paid first to save money.  You should figure out how much your paying in interest to the loans and make sure that you pay all new charges and as much of the principal as you can afford. Once you pay off one loan, move on to the next. Also make sure that you are saving money so that you have a rainy day fund available so you never turn to payday loans again.