Payday loans or cash advance could be very attractive especially because it is very convenient to request for such loans. You are tempted to get enough money to last you until the next payday. But, this is the most common oversight of those getting a payday loan.

This is how it can be a trap for you, once you have a payday loan, you have enough to go by until the next payday, but the next payday, you need to pay for the loan and its interest rate. Then, you do not have enough money left until the next payday, then a loan again with the interest charge. Or sometimes, the loan is totally not paid, and then it incurs more interest. This can be a very vicious cycle, until you can no longer cope up with the payment.

Here are some small ways that can help you manage money wisely and avoid payday loans altogether.
1. Some payday loans could carry higher interest than credit cards or personal loans from some credit union. So, better find other sources that can loan you at a lower interest rate, say a friend, a colleague or a family member.
2. Within payday to the next payday, record your expenses. The list should include your fixed monthly expenses, house rent, utility bills, and transportation expenses. Then, the others like weekly grocery expenses, things that you bought with cash and using your credit card. This will make you assess those unnecessary cash allocations. You can then start to trim it down.
3. After trimming down on the expenses, you can then save a little for those emergencies. This will avoid getting those loans again. It does not matter how small it is, as long as it is continuous. You can also encourage family members to save up.
4. You can also try moving out some of your things that you do not use. Some who are also trying to save could use some of the stuffs you do not use anymore.
5. Try asking for a raise, you’ll never know when your boss might just consider so.
6. Try marketing your hobbies, like baked cookies or beaded jewelries. This is extra money during extra time.

If you are already in an unmanageable payday loan, or any loan for that matter, you can get in touch with local debt management groups to help you with more options on paying plans.

Payday loans

March-18-2009 Wednesday

Payday loans

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