You're back online looking for cash
advances, payday loans or possible title loans in order to get yourself out of
a sticky financial situation. You aren't really sure how you got in this
position or how you are going to get yourself out, but you do know that
something has to be done fast.
Let's face it; these types of loans
are only good for a few hundred dollars' worth of help. If you need more cash
than that or you have already used them in the recent past without finding
relief, they may not be your best solution. It's best to go back to the
beginning and see when your financial troubles began and maybe even what
prompted them to take the turn for the worst.
* Has your debt increased sharply
over the last year or two? Look past the home mortgage and focus in on credit
card debt. Keeping debt over the long-term is paying others interest which you
could be earning for yourself. Don't fall into low interest marketing traps and
spend recklessly through credit cards.
* Did you purchase a new home or car
expecting your income to increase? If you need to make such large purchases,
buy within your current means. You can't expect careers to grow as they did in
the past. Many employers are struggling to keep the staff they have, never mind
continue to promote and raise salaries year after year.
* Was your vacation purchased on
credit? Short-term purchases should not become long-term debt. The rule of
thumb towards debt is that the time it takes to pay off a purchase should not
be longer than the life of the purchase. If your vacation lasted a week, you
should be able to pay off what you charged in the same amount of time. Of
course this may not be totally realistic, but in general the concept is to pay
it back as soon as possible. Stretching your vacation costs over a few years
only increases the price of your vacation and decreases the impact of your
income on future purchases.
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