|
If you’ve ever thought a payday loan or advance is the only solution to your debt problems, think again. There are some alternatives that should be considered.
Payment Plan with Creditors. Deal directly with your creditors to work out a payment plan. Utility companies may be willing to give you more time to pay.
Pay Advance from Employer. Some employers are willing to give paycheck advances, typically without interest.
Emergency Assistance Programs. Faith-based groups and other organizations in your community provide assistance in different ways with respect to housing and utilities, depending on your income.
Credit Union Loans. Many credit union loans offer short term, small consumer loans to members at interest rates typically lower than payday advance stores.
Military Loans. These loans, ranging from $500 to $10,000 are for active duty and retired military personnel. Payday loans are typically 10-13 times more expensive than these small consumer loans.
Loan from Family or Friends. You’ve probably heard “never borrow from family or friends”, but, it may be better to ask than to continue sinking into financial debt. Only do this if you’re in a real emergency situation and not just overspending.
Budgeting. Make a realistic budget and cut out non-essential expenses. You’ll be amazed at how much you can eliminate in order to save money and begin building a savings account.
Credit Counseling. Seek professional credit counseling help or enroll in a debt management plan where certified counselors can customize a plan of action based on your specific situation. This is the best long-term solution if your finances are completely out of control.
|
