Would Payday Loan Usage Set Off The Debt Crisis Alarm?

ddBefore you can dig yourself out of a debt crisis, the problem must first be acknowledged. At what point you discover the problem will determine how hard you will have to work to correct it. Whatever the case, debt problems deserve priority treatment. Money troubles will not voluntarily correct themselves.

Watch for the signs.

Savings – There is very little money in the savings account. The risks increase further with no savings account at all.

Credit Cards – How much of the credit limit is owed? If you have used or almost used up your credit limit, you have a debt problem to fix. Pay attention to the interest rates on each card. There is more money to save in the long run if you attack the higher rates first.

Juggling Money – Do you select which bills get paid each week? Household needs get priority, but how long do the others have to wait? Are you getting charged late or overdraft fees because your paycheck didn’t cover all the expenses that pay period?

Alternative Loans – Have you taken out at least one payday loan or cash advance from a credit card in order to pay a priority or other debt bill? Both of these options are expensive. If these loans are your only source of help for emergency costs, the debt crisis is an advanced problem.

Debt Load – If your total debt (minus mortgage) is 20% or more of your monthly take home income, it’s a problem. A budget can usually handle 10-15%. This amount does include the car payment. Make sure the cost of the car will not jeopardize your finances.

A good working budget will easily include a home, vehicle, utilities, gas and food. If the budget does not cover these bills, plus something extra for savings and other unexpected costs, you are living an unaffordable lifestyle. Find areas to cut back on and redirect the financial problem before it becomes a disaster.

– Stop using payday lenders completely. Even if it takes you another month to pay off the debt, do it. It is a lot of money every few weeks that your budget needs elsewhere.

– Hide the credit cards until you can get the debt paid off or at least paid down. Don’t cancel them unless you absolutely have to. Cancelling cards will hurt your credit score in a different way. If you must, cancel more recently acquired ones since longevity is favored by the credit bureaus.

– Would your budget run smoother if you traded in your car for a cheaper model and lower payment? How about a model with better gas mileage? Less expensive models cost less to fix than the fancier counterparts. Look at long term costs when purchasing a vehicle.

– Do you need to downsize your home to fit the expenses into your budget? A smaller home will help to lower monthly utility payments as well. Don’t forget to look for neighborhoods with affordable property tax rates.


Growing A Garden – Saving Money – Paying Off A Payday Loan Lender

x3Can a person really save money and payoff payday loan lenders when growing their own food? It will of course take some hard work and patience waiting to see the fruits of your labor (pun intended!) but in the long run you will see a significant savings in your grocery bill. Not too mention the personal satisfaction you will have when you are able to eat fruits and vegetables right from your own garden.

Start out by taking a critical eye to your current finances. It is most likely that you can make cuts to your grocery budget. Most people can when they stop to think about how much they are spending and what they are buying. Spending less at the supermarket, paying off a payday loan or simply saving money for a rainy day are great reasons to consider growing your own food.

Saving money by starting a garden can depend on many factors. The first is the climate of where you live. Harsh winters (and even spring) can make growing your own food difficult but if you live in a subtropical climate like Florida and many parts of Texas, you have a great chance of growing and maintaining your own garden. All you need is some seeds, a a few gardening tools, and the right space to plant. Stocking your fridge with your own fresh food is one way to payday off your payday loan lender and save the borrowing for a true financial emergency.

First decide where you are going to build your garden. You need not have a big back yard to do so although the more space you have, the more you can plant. But in reality, it only takes a few square feet to get started. It is an option to create a vertical garden which means you will grow your plants in containers. Garden centers and home improvement stores are filled with isles of equipment and supplies to help you maximize the space you have to work with.

Next, find out what grows best in your location. Think about what fruits and veggies you have enjoyed living in your area. Different seasons will determine what you can plant as well as “zone” you live in (you can find that in a gardening book or on the back of the seed packet). If you are set on growing plants that aren’t supported by your area’s climate, you can always build a greenhouse if your resources permit. This can get costly though and remember, you are trying to save money. Don’t go out and borrow with a payday or car title loans just to build a greenhouse. That will defeat the purpose of building a garden to save money and payoff your short-term payday advance.

You may consider planting fruit trees if space allows. Not only do they provide shade in the hot season but you will be only steps away from delicious home grown fruit. Be patient, fruit trees need time to grow and some may only bare fruit every couple years. You will see a significant savings to your grocery bill, though, once you can cross fruit off your shopping list. You can also do this with herbs and seasonings as these can get costly to buy fresh.

Growing your own food is not by any means an easy task but is one that is not only healthy for you and your budget, but can be personally rewarding for you and your family members. Get your kids involved and make this a project you work on together. Take it a step further by learning to can and/or preserve your own produce. Having the space to store your canned items means you can have future gifts for others, a food supply for emergencies, and the opportunity to sell at a farmer’s market in which you can turn a profit. Farmer’s markets and food co-ops are very popular now being a means of providing healthy and organic fruits and veggies as well as saving money and becoming a home-based business for many growers.

You may discover that your green thumb can save you a great deal in groceries as well as becoming a source of income for your finances. This will allow you to repay your payday lender as soon as possible and see great savings at the grocery checkout counter


Fast Payday Loans VS. Credit Cards

saWhen finances get tough and you need access to credit, which comes in the form credit cards and Texas payday loans, emergency situations don’t have time to wait for traditional bank loans or lenders. They often take their time running your credit and making you wait for approval. If you need fast cash and don’t have a lot of time to spare, don’t make financial decisions in haste. Take some time to consider the advantages and disadvantages of how you will acquire the money you need and then decide which financial route you will take.

The first thing you need to consider is whether or not you have a credit card and if so, does it even have any available credit? If the answer to either question is “no”, then this is not an option for your particular situation. If you are thinking about applying for a credit card to help you deal with your financial fix, keep in mind that it could take weeks to get approved and get your card in the mail. A financial emergency may not be able to afford that much waiting. Even so, you may not get approved for the amount you need, putting yourself back at square one with your cash crunch. With an overnight payday loan with Approved Money Center, you can apply online in minutes and get approved the same day. Your money will then be deposited directly into your bank account on the following business day. No waiting- no check cashing- no driving around town.

You need also consider that when you use a credit card, it may end up taking months to pay it off which will cost you a lot more than you needed in the first place. Interest charges can really add up and if you are late on your payment(s) you will be charged a substantial late fee as well. Payday loans are meant to be utilized for short-term and temporary financial times, paying them off when you get your next paycheck. You will still be charged a fee for being able to borrow but once you payoff your initial loan amount and fees, you will be free and clear of your payday loan debt. In the event that you can’t payoff your loan in full, most lenders will work with you.

In the event that you have enough credit available on your credit card, make sure you can use that card for your emergency bill. Some auto mechanics require that you pay cash for repairs. Certain vendors don’t take plastic credit because credit card companies charge business’ high usage fees. There are other circumstances that may call for cash. While you most likely can take a cash advance on your credit card, be mindful that you will pay an even higher interest rate on the money you borrow as well as any fees that may be charged for a cash advance transaction on your credit card.

A payday loan lender will never charge you more because you need the cash quickly nor should any lender ever ask you for any money up front in the form of fees or an application charge. Take a moment to work the numbers and figure out just how much it will cost you to borrow these two ways: a short-term payday loan or a credit card cash advance. Which one will you be most likely to pay off sooner? Which one will cost you more? Figure that out first and then make your decision.

While you may have a much lower interest rate on your credit card, you must be realistic about how long it will take to pay it off. If what you charge ends up being long-term debt, you can bet your going to pay quite a bit over the duration. If you can pay it off before the end of the billing cycle, you most likely won’t pay anything in interest charges or fees (except if you are charged for taking out a cash advance with your credit card). With a loan from a payday lender, you will be expected to pay back what you borrow within a couple weeks depending on your pay cycle. You’re are free and clear once you payoff your lender.

Only you know your budgets’ potential to pay back what you borrow. That goes for your financial tendencies as well. It’s best to consider how you deal with your finances and how disciplined you will be in paying back a credit card cash advance or fast cash payday loans.


Fighting A Budget Battle Successfully Without Payday Loan Help

y6Bad credit brings tough budget situations. When you don’t have enough to pay Peter, you rob Paul and then Stan comes in and needs his share while Tom is lurking around the corner. Sure we can laugh at the budget juggling routine. At the end of it all, without enough cash to pay them off, troubles multiply. When we don’t have enough money to take care of each one, we pay more in late and overdraft fees. Payday loan help will at least give you something for your money. It’s a bit pricey, but in the long-run it helps keep your bad credit rating from falling further.

If online payday loan help is such a good thing, then why not use it more often?

No one said it was good, just that it was better than the worst case scenario. The quick payoff is often the biggest struggle. The high interest is somewhat tolerable because the loans are short-term. Borrowers shouldn’t have to deal with long-term payments. At least they are not supposed to. Anyone who applies for one of these loans and knows it will take them a long time to pay it off had better find a better way to support their money crunch. It doesn’t make smart money sense to trap your finances into more debt. The APR on these loans is outrageous. Don’t fool yourself into thinking that a short-term loan is okay to keep out that long. You are throwing away income at that point. On top of it all, the finance charges eat at your income. You and your family are the only ones that should be eating off your hard earned money.

What do you do instead?

* Don’t spend a dime without it being part of the plan

* Limit the extras. If need be cut them out completely, at least for the time being.

* Don’t allow yourself to fall back to the online cash advance lender no matter how easy the process is.

* Don’t keep using credit cards… period. Use cash, checks, debit cards or preapproved credit cards if you must spend money. This keeps you using cash from the bank rather than borrowing for a price.

* Deal with the frustration rather than give up. The debt is not going to go away, at least not without added troubles. You don’t need collectors to add to the mess. Pay back your debt.

Can’t decide which debt to tackle first? Put all your efforts into the one that costs the most. The highest interest rate will most always point you towards cash advance loans first. With high interest and short-terms, these loans will create the most budget damage if not paid off quickly. One those accounts are settled, move on to credit cards. Line them up in order from highest interest to lowest and use the balance to break a tie. As you see the budget demand decrease, start building an emergency savings account. The money set aside can be used for emergency costs or to start saving for more mid-range needs like repairs or replacements… Eventually, you will focus your attention on retirement and college funds. At this point you will have forgotten what it is like to live paycheck to paycheck.

Gone are the days of bad credit consequences. No more high interest loans, credit cards or refusals. It will feel good to have choices. You will be able to go into a bank and get a regular bank loan with low interest. It’s a good day when money help is no longer a struggle. Much more inexpensive too! Start attacking your money troubles today. Your future finances will be glad you did.