Payday Loans How To Break The Vicious Circle
Much has been said regarding payday loans and the numerous advantages they provide consumers with
. There is not much to add regarding that aspect of this very well know loan type, everyone knows how useful they can be when an emergency knocks on your door. There are many unpredictable things in life, and not everyone has the means to economically face an urgent situation.
There is another side to payday loans other than the one which is seen by most. This side is often ignored by applicants who find themselves in the need of instant cash, they close their eyes to this very obvious disadvantage and choose to look the other way. Many of those who act on impulses, later on find themselves up to their necks deep in debt only because they chose to ignore what was plain to see.
Are you one of those who are caught in the vicious circle of cash advance loans? Let me help you out with this easy guide to breaking that cycle. Read on to find out more!
The Not-So-Hidden Trap
He who resorts to a payday loan as a way to get money when he is unable to wait until payday, is very aware of the fact that the interest rate associated with this loan will probably be sky-high. This is no mystery. The problem is that most people tend not to pay attention to this issue, and borrow against their better judgment when in fact a cash advance loan should have been the last option.
Provided that you had a car accident and are facing costly medical bills which need to be repaid right away, you will probably be glad to have a payday loan lender handy and will most likely repay the loan and the interest rate happily and never look back. You were in the middle of an emergency which needed instant repayment and payday loans were your only option. But sadly, people in your situation are not the only ones who resort to this type of loan.
Some find themselves low on cash in the middle of the month and decide to get easy money to buy that wonderful pair of shoes right away. Why should they wait two weeks when they can have what they want in a matter of hours? Who cares if you have to repay $30 worth of interest rate for every $100 you receive. The problem arises when pay day comes, and they find themselves short on money right when the month starts only because they had to repay the loan they did not need in the first place. What do they do? They turn to payday loans again, because they do not know better. And the cycle begins.
The Way Out
The only option you have is to break the cycle once and for all. Quit cold turkey. There is no way around this due to the fact that the sooner you stop taking out these loans, the sooner you will be able to start reducing your debt.
If you find yourself under a pile of payday loan debt, you can resort to a larger loan to try and consolidate this debt. This will probably be the best option as the interest rate you will be paying will hopefully be much lower. Search for the best personal loan option available and repay that monstrous debt once and for all.
by: Devora Witts
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