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How to Break Free from the Payday Loan Cycle - Yahoo Voices - voices.yahoo.comI have worked part-time as a financial counselor for the last several years, and recently took my work to the full-time level. In addition, I have more than 14 years as a Non-Commissioned Officer in the military, and have spent countless hours counseling young troops on finance and money issues. Payday loans are a common issue that I have dealt with over the years. Many people are sucked in by the easy money and loose requirements to get one of these loans, and are then unable to break the cycle. These loans charge outrageous amounts of interest and prey on the most vulnerable in our society. The Never-Ending Cycle Many people find themselves caught in the never-ending trap of payday loans, especially during economic recessions. Once you take out that first payday loan, it is hard to get caught back up. You will find yourself taking out a new loan, or even multiple loans, every week to pay off the previous week's loan. With a few simple steps, you can break the payday loan cycle for good, and be on your way to a debt-free life. Get Your Bills in Order Gather up your bills in one place. It's hard to get an accurate picture of your financial situation if you have no idea what bills you have and when they are due. You may want to buy a cheap notebook or organizer to keep them all in one place, or use a computerized spreadsheet. Create a Budget Draw up a simple budget. The first things you'll want to pay each month before anything else are the necessities--food, housing and utilities. Then allot amounts for the remaining bills on your list. You can find simple budgeting forms online that will help you get started. Earn Extra Cash Bring in more income. If you have more money going out than coming in each month, you'll want to tip the scales back in your favor. Consider a second job, selling items online, or picking up an online job that you can do from home in your spare time. Your budget won't work if you don't have money to pay all your bills. Pay Off Your Existing Loans Pay off your payday loans. Once you have more money coming in than going out each month, use the extra funds to pay off your payday loans. If you have more than one payday loan, pay off the smallest loan first, then work on the next larger loan until all are paid off. This may take several weeks, and you may have to roll your payday loans into new loans several more times, but the end is now in sight. Build an Emergency Fund Save money for emergencies. Once you are out from under the weight of your payday loans, you need to save at least $1000 in an emergency fund. Once this emergency fund is in place, continue to save until you have at least three to six months of living expenses built up. This will ensure that you never have to avail yourself of a payday loan ever again. More from this contributor: Charge Off and Bankruptcy Basics for Consumers Tips For Paying Off Your Holiday Bills How to Gain Instant Access to Funds Using the Paypal Debit Card
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How to Break Free from the Payday Loan Cycle - Yahoo Voices - voices.yahoo.comI have worked part-time as a financial counselor for the last several years, and recently took my work to the full-time level. In addition, I have more than 14 years as a Non-Commissioned Officer in the military, and have spent countless hours counseling young troops on finance and money issues. Payday loans are a common issue that I have dealt with over the years. Many people are sucked in by the easy money and loose requirements to get one of these loans, and are then unable to break the cycle. These loans charge outrageous amounts of interest and prey on the most vulnerable in our society. The Never-Ending Cycle Many people find themselves caught in the never-ending trap of payday loans, especially during economic recessions. Once you take out that first payday loan, it is hard to get caught back up. You will find yourself taking out a new loan, or even multiple loans, every week to pay off the previous week's loan. With a few simple steps, you can break the payday loan cycle for good, and be on your way to a debt-free life. Get Your Bills in Order Gather up your bills in one place. It's hard to get an accurate picture of your financial situation if you have no idea what bills you have and when they are due. You may want to buy a cheap notebook or organizer to keep them all in one place, or use a computerized spreadsheet. Create a Budget Draw up a simple budget. The first things you'll want to pay each month before anything else are the necessities--food, housing and utilities. Then allot amounts for the remaining bills on your list. You can find simple budgeting forms online that will help you get started. Earn Extra Cash Bring in more income. If you have more money going out than coming in each month, you'll want to tip the scales back in your favor. Consider a second job, selling items online, or picking up an online job that you can do from home in your spare time. Your budget won't work if you don't have money to pay all your bills. Pay Off Your Existing Loans Pay off your payday loans. Once you have more money coming in than going out each month, use the extra funds to pay off your payday loans. If you have more than one payday loan, pay off the smallest loan first, then work on the next larger loan until all are paid off. This may take several weeks, and you may have to roll your payday loans into new loans several more times, but the end is now in sight. Build an Emergency Fund Save money for emergencies. Once you are out from under the weight of your payday loans, you need to save at least $1000 in an emergency fund. Once this emergency fund is in place, continue to save until you have at least three to six months of living expenses built up. This will ensure that you never have to avail yourself of a payday loan ever again. More from this contributor: Charge Off and Bankruptcy Basics for Consumers Tips For Paying Off Your Holiday Bills How to Gain Instant Access to Funds Using the Paypal Debit Card
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View more at cram.com
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View more at cram.com
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How to Break Free from the Payday Loan Cycle - Yahoo Voices - voices.yahoo.comI have worked part-time as a financial counselor for the last several years, and recently took my work to the full-time level. In addition, I have more than 14 years as a Non-Commissioned Officer in the military, and have spent countless hours counseling young troops on finance and money issues. Payday loans are a common issue that I have dealt with over the years. Many people are sucked in by the easy money and loose requirements to get one of these loans, and are then unable to break the cycle. These loans charge outrageous amounts of interest and prey on the most vulnerable in our society. The Never-Ending Cycle Many people find themselves caught in the never-ending trap of payday loans, especially during economic recessions. Once you take out that first payday loan, it is hard to get caught back up. You will find yourself taking out a new loan, or even multiple loans, every week to pay off the previous week's loan. With a few simple steps, you can break the payday loan cycle for good, and be on your way to a debt-free life. Get Your Bills in Order Gather up your bills in one place. It's hard to get an accurate picture of your financial situation if you have no idea what bills you have and when they are due. You may want to buy a cheap notebook or organizer to keep them all in one place, or use a computerized spreadsheet. Create a Budget Draw up a simple budget. The first things you'll want to pay each month before anything else are the necessities--food, housing and utilities. Then allot amounts for the remaining bills on your list. You can find simple budgeting forms online that will help you get started. Earn Extra Cash Bring in more income. If you have more money going out than coming in each month, you'll want to tip the scales back in your favor. Consider a second job, selling items online, or picking up an online job that you can do from home in your spare time. Your budget won't work if you don't have money to pay all your bills. Pay Off Your Existing Loans Pay off your payday loans. Once you have more money coming in than going out each month, use the extra funds to pay off your payday loans. If you have more than one payday loan, pay off the smallest loan first, then work on the next larger loan until all are paid off. This may take several weeks, and you may have to roll your payday loans into new loans several more times, but the end is now in sight. Build an Emergency Fund Save money for emergencies. Once you are out from under the weight of your payday loans, you need to save at least $1000 in an emergency fund. Once this emergency fund is in place, continue to save until you have at least three to six months of living expenses built up. This will ensure that you never have to avail yourself of a payday loan ever again. More from this contributor: Charge Off and Bankruptcy Basics for Consumers Tips For Paying Off Your Holiday Bills How to Gain Instant Access to Funds Using the Paypal Debit Card
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