So You Are Thinking What Does Debt Consolidation And Payday Loans Have In Common

Category: Finance.

So you are thinking what does debt consolidation and payday loans have in common? We live in a country where credit is relatively easy.

Well typically people who opt for payday loans are not very far from those who are currently considering debt consolidation as an effort to lower high interest credit card monthly payments. In fact on any given day, most of you will receive a letter from a credit card company offering you the world but spelling out the harsh details in the fine print that unfortunately few ever take time to read. It is intended to help you understand why people chose both alternatives. This article is not meant to pit debt consolidation and payday loans as good vs. evil. First of all, what exactly is debt consolidation? Who needs debt consolidation? Debt Consolidation is the process of aggregating unsecured debt in order to lower overall interest rate and have one monthly payment.

If you are stuck with high interest monthly payments, especially from credit card debt, it is likely that debt consolidation would be appealing. Keep this in mind. In many cases people simply can not afford to pay what they are currently paying. Lets transition to payday loans or cash advance. Payday loans and cash advance have high interest rates and many states prohibit them. People that want a cash advance are those who are in a bind and need emergency cash.

I am not against them because I understand why people may need them as a last resort. However, those solutions are not the ultimate solutions to the problems they try to solve. In both insistences people are seeking debt relief. The true answer lies in our ability to spend vs. save. However, to fix the problem you must understand that living within your means is the true solution. The best debt consolidation program will get you out of debt if you finish the program. A cash advance may help you pay for a bill when you come up short, but saving for a raining day is a lot cheaper than getting a payday loan.

By acknowledging our own weakness, we can become stronger when we take action to improve ourselves.

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