text: what is debt servicing?   hereisyourwayoutofpaydayloans payday debt[how to get out] we first got into the loan because we needed car repairs and didn’t have enough money then someone told us we could get a payday loan.  we went to the payday store and it was so easy just needed to provide a bank statement, pay stub and post dated check for two weeks, my next payday, $575.00 they handed over $500.00 cash.  we really thought we would be able to pay it back and that would be that.  then when payday came along $575.00 out of it would be hard as we were already living payday to payday.  we went back to the payday store and were told we could just pay the $575.00 cash then re-borrow again that sounded good we just didn’t think of the very high interest rate.  so if you borrow every two weeks at $75.00 interest for 26 weeks that equals $1,950.00 in a year.  so when we would re-borrow that would not  cover all of the bills because we would be short the $150.00 from the interest so we went to the next payday store to cover the monthly bills then we found we needed more money for some other need.  then when we needed to pay off that loan we were short so we had to go to another to cover that loan then another and another before we knew it we were into four paydays per month.  here is the calculation $75.00 x 4 loans =$300.00 per two weeks x 26 weeks per year $7,800.00 x 3 years $23.400.00. paydays are suppose to be a happy time but when you are into them like we were it is a nightmare and very stressful, robbing peter to pay paul, running from one store to another. what was amazing is as i was going from one to another i would see the same people at each store, sad but true.  our website is    hereisyourwayoutofpaydayloans