Posted by admin on April 2, 2009 · Leave a Comment
Many people will be hitting hard times, and be left without enough money to pay even their most essential bills. With this many people, who are without good credit, will be left wondering about their options, one of which may be to take out a payday loan. Payday loans, as they advertise, are meant for short term financial need, and if you go in to take out a payday loan, they make you sign an agreement to that effect. Yet, once you get into the payday loan cycle some people have trouble getting back out. Paying off only the interest each time and hanging onto the loan. For people who are living paycheck to paycheck, this can be a very difficult debt to repay. Some succeed, however, even they usually return to re borrow at some point in the future. So when should you consider taking a payday loan? If you are about to have a check bounce on the bank, then you should. Although the banking industry will have you believe that they are above charging 300% interest on a loan, they will charge you $35.00 and up for a bounced check of even just a few dollars. So really how is that any different, especially since, if you have ever bounced a check then you would know that once one bounces usually several bounce, and if you have a few checks bounce and your paycheck directly deposited, then that will just eat up your paycheck. Also, taking a payday loan is a better alternative to buying items from a rent to own place. You can more inexpensively borrow the money from a payday loan and then buy the item out right. So this is a time to consider a payday loan.
If you can avoid taking a payday loan, then by all means do it, because it is very easy to get caught up in the cycle, but if you have to do it, then don’t feel badly about it, just do it. It may actually save you some money in the long run.
Filed under Debt · Tagged with bank, bills, bounced a check, check, check bounce, interest, living paycheck to paycheck, loan, money, pay, paycheck, payday, payday loan, payday loan cycle, paying off, rent to own, save you some money
Posted by admin on December 10, 2008 · Leave a Comment
We all know that the financial status of the country and the world, is grim at best. In these trying economic times it is important to remember that there are people who are worse off than you are, and it is definitely a time for giving. Giving is not just something that you do for others, but also for yourself. With so many people falling on tough times, it is important that as we go through this holiday season we remember that things could be worse. If you are lucky enough to have friends and family to spend the holidays with and you have a few gifts under the tree, then be sure to give back. You never know when you will need help, so giving can be a very important thing. We all hope that if we are ever hit hard enough that there will be someone willing to lend a hand. Just think about all the people who will be unemployed this holiday season, without work, struggling to pay their bills and completely unable to buy any sort of presents for their children. Think of all the soldiers and their families who will have to celebrate the season without their loved ones. Think about all those who have lost a loved one, in the war or otherwise who will never spend another holiday with that special someone.
This year, buy a few less gifts for your loved ones, and instead donate to a charitable organization that will help out those who are in real need this holiday season. It is not too late. Give a little or give a lot, but definitely give. After all, giving is really what the true spirit behind Christmas really is, and although it may mean forgoing something you really want, your heart will be warmer on Christmas knowing that you made someone else’s day a little brighter.
Filed under cutting back · Tagged with bills, charitable organization, Christmas, donate, economic, economic times, financial status, gifts, giving, holiday season, holidays, less gifts, struggling, tough times, trying economic times, unemployed, without work, worse
Posted by admin on November 25, 2008 · Leave a Comment
Most American’s are thinking that with a National Debt of over 10 Trillion dollars why is this guy already spending this much money when he hasn’t even taken office yet. Well, on some level, we all are aware that spending is actually what keeps the economy going, but let’s face it, we also know that we need our money right now, and most people are not running around spending all that they have. So why does Obama think that his stimulus package will work when Bush’s didn’t.
The answer to that is both complex and simple. When Bush set out to stimulate the economy, he did so by sending checks to individuals and families. Great in theory, however most American’s who were already struggling used those checks to pay bills or stashed it away for a rainy day. Therefore, we did not all run out and shop for new items and that in turn did not do for the economy what Bush had hoped.
In Obama’s plan, which does include checks to the American public, it however does not rely on them to be the stimulus. It is offering a much more comprehensive and multi faceted approach to stimulating the economy which includes sizable tax deductions for businesses for each new employee they hire on. This will help create jobs, which in the long term seems like it will have a bigger impact on people’s spending. After all, you can’t be out spending if you don’t have a job at which you can earn some money.
If you look over the plan you will in fact see that Obama’s plan will help stimulate the economy which will not only help the individuals but also the businesses and the unemployment rate. Overall, this plan is cheap compared to how much Bush has spent on bail outs in the last three months. At least the Obama plan stands a chance.
Filed under In The News · Tagged with 10 trillion dollars, American public, bills, bush, businesses, cheap, checks, create jobs, dollars, earn, economic stimulus, economy, individuals, jobs, money, Obama, Obama's plan, pay, pay bills, run out, sending checks, shop, spending, stimulus package, struggling, taken office, unemployment, unemployment rate
Posted by admin on August 15, 2008 · Leave a Comment
When financial worries start to take over, and your income no longer meets your expenses, the first things that wind up sitting unpaid are those credit card bills. Many people mean well and really want to pay their debts, but the money is just running out and their survival unfortunately is relying upon them not paying those bills. Well, most people do eventually begin to catch up, find a new source of income, or a way to cut expenses, but unfortunately by that point it may already be too late. You see damage to your credit score can sneak up on you really quickly, with just a few payments behind, you can quickly send your credit score plummeting and the thing that you have worked so hard to maintain your whole life, goes down the drain and you find yourself back at square one. The best thing that you can do to bring your credit score back up is to keep paying those bills, on time. Paying your bills on time will help you start to bring that credit score back up, but at the same time you need to be finding new ways to cut back and make more money simultaneously. The best way to make sure that you get on track and stay on track is to start paying your bills and keep putting money into savings at the same time. If you are living paycheck to paycheck, then you are in fact setting yourself up for failure. If you don’t have a back up plan then you are just a bump in the road away from the next crisis. There is potential to be injured, use a job, get ill, something that may prevent you from working, and if you are already banking on the paycheck that is coming on Friday, then this is risky business. The suggested savings plan means that you have enough money set aside for your family to live for an entire year, I have heard some people say at least 6 months, but the time to start saving is not when things are better, it is right now. Please don’t wait any longer to start making a good and secure financial future for you and your family. The economy may not be in good shape but that doesn’t mean that you can’t be. Start bringing down your expenses today and you will begin to create not only a savings plan, but a feeling of peace of mind and security that your whole family can enjoy for years to come.
Filed under Debt · Tagged with bills, bringing down your expenses, credit card, credit card bills, credit score, cut back, expenses, financial worries, make more money, money, more money, paying your bills, saving, savings, savings plan, start saving