Cash advances are fast money in
a pinch, but they should not be used for just any reason. Because they need to
be paid back within a few weeks, an online cash advance is not an answer to
every problem. The need for these types of loans is growing as the economy
clamps down on those with poor credit.
The
direct cash advance lenders are getting a bad rap along with payday loan
lenders for high interest and promoting a cycle of debt for their customers.
What seems to be overlooked is the amount of debt credit cards have created for
many more individuals, but because their interest rate is lower the long-term
effects are overlooked. Financial hardship is taking over the nation as people
struggle to keep up with everyday costs.
Credit
cards have promoted the idea that it is okay to spend beyond one's means.
Spending traps are created with open balances and easy access to additional
credit. A cash advance online can help with making an on time payment, but they
will not solve the debt created by the credit cards.
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You could simply close your credit cards. One phone call can cancel your
ability to continue spending, but will not take care of the debt. This solution
is one which should not be taken lightly as cancelling credit can have a
negative impact on your credit score. The effect will be temporary, so if you
need to do so to keep yourself from further debt, go ahead and close the
account. A short-term set back is much better than keeping a long-term problem.
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Cut them up! Shred or take scissors to them, it doesn't matter, just put them
into a position where you cannot use them and no one can figure out the numbers
for fraudulent purposes. Keep yourself from spending on any additional
available balance so your monthly payments will start making a dent.
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Keep your cards at home. When they are not located in your wallet, you will be
able to use them no matter how strong the urge to buy is. you may reconsider
your purchase when you know cash is the only solution.
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Lock them up in a security box or tuck them away to someplace safe might keep
you from remembering you have them. When items are out of sight, they are often
out of mind and your desire to use them will be curbed.
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Shock yourself by truly examining your statements. Figure out how much you will
be paying for the items you purchased. At the rate you are paying, how long
will it take to pay off the balance? Figure in the interest rate for that
amount of time and compare to the initial cost. When you have long-term payment
options, are the items you are purchasing affordable?
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Reward yourself with low cost or free treats for a job well done each week or
month which you do not spend on your credit cards. Allowing yourself to indulge
in something for a job well done is a good incentive to control your finances.
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