Payday loans are easy to get these days and unfortunately so is payday loan debt. Overspending and unexpected emergencies often drive people to these short term, high interest loans, which can prove to be trouble if not managed properly. Nevertheless, they do present an opportunity for quick cash which is hard to come by in today’s tough economy.If you’re having trouble with numerous loans, payday loan consolidation can be a helpful alternative. Keep in mind it should only be an option if you cannot afford to pay off your balances in full and find yourself drowning in renewal fees. If you can afford to cut some unnecessary expenses and pay them in full than you should do so. If you find you are insolvent and your family’s well-being is at stake, than you may want to consider negotiating with your creditors or hiring someone to do it for you.First things first, what does it mean to consolidate your payday loans? The simple definition would be to combine all of your debts together, having just one monthly payment. Basically there are different ways to accomplish this and it will be helpful to look at all 3 options separately. Each consolidation strategy makes an attempt at lowering your monthly outlay and paying off your principle instead of just interest or renewal fees.First, you can decide to hire a payday loan consolidation company to do it for you. If you decide to do this make sure you do your homework. There are different types of companies and programs out there, many of which offer a free consultation to explain what they do, how they do it and how you can track the progress of your program. Take advantage of this, listen carefully and be sure to check the companies track record.Basically the agency works on your behalf, contacts your lenders and attempts to settle or resolve your debt. In turn, you make monthly payments which are put towards payment plans or accumulate until a settlement can be reached. Reputable companies often know which strategy is best for you based on their experiences with that creditor and your individual circumstances. The main advantage to this is that the work is done for you, all you need to do is make sure you make timely payments and track your progress. Also, these companies often deal with many of the creditor calls which can relieve a tremendous burden.Secondly, you can simply get a lower interest loan. This is when a bank or finance company (or even a family member if you’re lucky) loans you the money at a fixed interest rate for a set monthly payment and pays off your lenders in full. Unfortunately, these loans carry high credit standards and approval guidelines, so they may not be an option for someone in financial hardship.Third, you can decide to negotiate with your creditors on your own. This can be time consuming and prove to be a learning process but can also save you a lot of money. There is information available online to help you consolidate your payday loans on your own, in simple steps. This can take a lot of the guess work out of it and save you some time.