Should women take control of their finances or should they forward that responsibility to their husbands?

Question of the week:
Question of the week is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a weekly contest and every week a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the week by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 3: Should women take control of their finances or should they forward that responsibility to their husbands?
Since ages man has been the bread earner and the person running the financial show at home. Do you think women should step in and start taking financial responsibilities? If yes, then how should they start managing their finances?

Winner Post

Answer 1:     I believe that control of the finances should be a joint responsibility. Especially if both parties are contributing to the household. A budget should be made by both parties and stuck to. A portion of each pay should be deposited into a savings account for emergency situations that may come up. Both husband and wife should have an amount for personal expenses. The balance should be distributed toward household expenses. Payments out of the checking account should be overseen by both.

Answer Posted by |strangclan

The other answers worth mentioning are:

Answer 2:     Personally, I think that both partners should have an active roll in making financial decissions. One of the things I would have done differently in my marriage would have been to make my husband sit down with me when I was taking care of the bills. It isnt fair to let one person worry about how the electric bill will be paid this month while the other is longingly staring at the classified ads at motorcycles.

Communication in everything is very important to any marriage. You work together as a team and when things get tough you work it out together. Money is one of the number one topics that cause fights in marriages.

Obviously there are some instances where one spouse is better at handling finances than the other, and therefore that person is the one who plans the budget and arranges the bills. But there still needs to be communication, not a solid, end-of-story hand off of the bills.

Answer Posted by |jennifer_bailey75

Answer 3:     I believe then and now that if it is a bill or debt that accured before the marraige then the wife should take most of the responsibility for it but at the same time let her husband know that she needs to take care of it and maybe he will be able to help out with the other bills that they have together. I would not ask my husband to take care of a bill that I built on my own before I met him. I would want to do that on my own. Unless he offers to help out in some way then thats different. She should try and manage HER finances with her money and share the bills they have together with THEIR money.

Answer Posted by |nicole.roman

Answer 4:     Women should always be responsible for their finances because if a woman relies solely on her spouse to manage her finances,when something catastrophic happens such as an illness,divorce or worse case scenario death she will be lost as to how to even balance a checkbook. The time for a woman to manage her own finances starts before she even becomes a wife. It should start the minute shes old enough to start receiving an allowance when a child or when she gets her first job. I work in hospital as a case manager/social worker and have come across many situations
where a man comes in with terminal cancer and he is the only one in his household who manages the finances and when the worse happens, it is left up to the surviving wife to handle everything including the mortgage,checking,car payments,funeral arrangements and alot of times they dont know how and there is no children or extented family to help and then it becomes the responsibility of hospital social workers to try and assist the best they can.

Answer Posted by |naida.kent

Answer 5:     I believe that marriage is a sacred bond between two people. Those two share their lives together including the responsibilities. Spouses should work together to help each other out, if they have separate accounts and are comfortable recording transactions in the register themselves then that is the way they should do it. If one of them does not feel capable of doing it then the other should offer to help. If they have joint account(s) then they should work together in managing it.

Answer Posted by |JCEMT

Answer 6:     Whether one is a man or a woman makes no difference when faced with financial responsibilities. However, in response to the question: Women (and men for that matter) should manage their finances with frugality and in a non-objective manner. For starters, I recommend creating a conservative monthly budget strategy. Do not spend more than you can afford. Focus on eliminating your highest interest debt first (if you have debt). Start saving sooner than later if you can to take advantage of the power of compounding interest. Seek the help of a professional if managing your financial responsibilities are more than you can handle.

Answer Posted by |Nicholas Fulton

Answer 7:     At our house, I am the one that takes care of most of the finances, per say. My husband has never reallys hown any interest in doing it. But I do include him in everything as far as what we have to pay, how much the bill is, where we stand financially, etc. I personally think it should be a joint effort. You never know what is going to happen to one or the other and I feel that both needs to know what is going on and share the responsibility. Over the past few years, I have really pushed my husband more and more to get involved in the finances. I think it should be an equal partenership. And to be honest, I do think women are taking financial responsibilites in todays world. Too many of us work and want to know where the money goes and a lot of us are or have at one time been single parents or spouses of someone that was in the military and we had to take responsibility. I believe it is important that both the man and woman should share the responsibilities and work together in that area.

Answer Posted by |2nband

Answer 8:     Women should handle their own finances and share the responsibility with their husbands/boyfriends/significant others, regardless of who makes more money. Ill never forget a neighbor of mine from when I was a child. They were the sweetest people. He passed away suddenly and at 65 years old, my neighbor (his wife) knew absolutely nothing about their finances. She didnt know their bank, how much money she had, how to write a check and she was terrified. No one should ever feel that way. Understanding how to handle money, how to balance a budget, and where you stand financially is a major key in what I like to call “living happy”. My three steps are:
1. Make a list of all bills and expenses
2. Make a goal (how much you want to save, when you want to have your bills paid off by, etc)
3. Seek out financial assistance. Your bank often has someone who can help you with this or ask someone you know who has great financial standing.

Answer Posted by |laurie.allen

Answer 9:     Now-days with economy as it is, I feel that it is the womans perpective to run her own finances, even if she has a sweet open-the-door, pull-out-a-chair kind-of-a-guy. People change and it has been proven. Especially when it comes to finances and when there are two involved in the relationship, things are not as lovely as it seems when it boils down to money. Because a mans way of what he wants to do with his money is different from what a woman wants to do with the money she has sweated for. Mens toys are cars, and fancy ones for the man who can afford them and it is totally different from a womans perspective of what she really likes. For the wife and mom, its living expenses and more surrounding her to-be children, theyre included as well. Not saying that a man is unemotional when it comes to children, a woman just have a natural instinct on the little extras a child may need and want, as well as what is necessary for them (educational, doctor care, etcera…and all the lttle extra things that add up as they grow. A mans concern should be to upkeep the financial status when it comes to the womans house and utilities, but the woman should have more say so when it comes to interior decor and food and clothing expenses, (after all, home is where the family begins in a setting where it is a peaceful environment for all.) When daughter grows up and wants a new setting for her bedrooom, it should be up to the mom to make the decisions. A woman should be comfortable in her surroundings. A man should understand that! Would your daughter be comfortable in a room decked with spinning wheels and checker race cars on the walls and an plain bunk bed with no feminine qualities if she ask dad to fix up her room? Now dont get me wrong there are men who knows womans preference when it comes to shopping, but few are women who find them! Because the first thing a man will probably say to the woman, who just walked in the house with a sexy dress and shoes to die for, “Honey what ya go out and buy that for? We dont need it”. Yea but I do, so I can keep you looking at me, (I threw that one in there for laughs). What if the child needs extra things for camping, seasonal clothing, all that needs to be addressed to the mothers concerns. Why do you think we women are designed to carry babies? Cause God saw that a mans place is to take care of a womans needs financially. But to let her deal with the responsibilities of monitoring the financial status within the home. and the man just provide what it takes to have one. This is not to say that a woman can lavish herself with expensive things that are not affordable, but to properly dispurse amounts to where it needs to go, so family can be happy. After all the woman has to cook, clean, and do more than the man has to around the house. Because when he comes home from work, after she has been in the house all day or even shared in the responsiblities of work, she still has to look after a ton of things and she should definately have say so over the managing of money in the home. But if a woman happen to run into a man that completely comes home and tells her that the rent is taken care of as well as the utilities, and the rest of the money is hers to manage then…shes got a good catch! He would never have to fish for another, after all Money is the root of all evil, if its not in the womans hands! This reading has nothing to do with my family, Mine is fine and dandy. This is s based on my view of other family lives.

Answer Posted by |Verdelle

Answer 10:     Very simply, YES! Women should take control of their finances. Generally in a two person relationship, one person may have stronger skills in financial management. This person (male or female) should be temporarily in control as both partners receive financial counseling and make a mutual financial plan.

In order for any plan to work both partners need to be on the same page. It is important for a couple to make a plan that works for THEM individually, based on their individual strengths and weaknesses.

Answer Posted by |luv2laugh

Read more

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • del.icio.us
  • Digg
  • Simpy
  • Netscape
  • StumbleUpon
  • YahooMyWeb
  • BlinkList
  • Furl
  • blinkbits

How will you teach the lesson of `money management` to your kids?

Question of the week:
Question of the week is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a weekly contest and every week a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the week by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 2: How will you teach the lesson of `money management` to your kids?
We may all agree that the kids should start getting the lesson of ‘money management’ at their early age in order to lead a debt free life in future. But how will you teach them the effective ways of managing money?

Winner Post

Answer 1: I started with my kids early. I made them earn their allowance. I did a chore chart and gave each chore a dollar amount and everything they did that chore, they put their initials by that chore. At the end of the week, I would add up how much they earned and gave them that amount of money. If they ask to borrow money for something they want, they have to pay it back and I keep a talley of how much they owe me and how much they have paid back. There have been times they have wanted something and I have asked them how much money they had, if they say none, then they are informed that they have to save up for it. Each child has a savings account and when they gotten “paid”, I have tried to sit down with them and have make a list of what they want want as to how they need to situate their money, so much for savings, so much for this or so much for that, etc. When I put mu son on my car insurance, he was told that he had to pay his portion (he had a part time job). He didnt like it because it seemed like he didnt have very much money left, but he learned that if he spent it all right after he got paid, he would not have anything left and he could not do some of the things he wanted to do. If he didnt charge his phone up (he had Virgin Mobile), he didnt have a phone to use. A lot of people have not agreed with me about this and think that I needed to just give my kids an allowance, but felt it was better for them to earn it for they would appreicate it more. Also many have not agreed with me that if they ask to borrow money that I make them pay it back. I have always told them that we have to work for our money and do not just get handed it for doing nothing and that they had responsibilites also and that we were not going to just hand them money, they had to earn it. They also have learned the value of the dollar by learning how to budget their money and when they run out, they run out and cannot do anything or get anything. They have learned that you dont get something for nothing, although once in a while mom will do a little something for them. Told them to consider that a bonus. LOL My son got his first job at 16 and worked part-time. My daughter wants to get one soon also and I do not have a problem with that, as long as school work is kept up. I have also discouraged them from using credit cards. They also know kind of what our financial situation is and have seen us struggle, and in one way, I feel that it lets them see how hard things can be sometimes and to prepare for it so they dont make the same mistakes we did. I encourage them to save as much as they can.

Answer Posted by |2nband

The other answers worth mentioning are:

Answer 2: First of all, my children earn their money by doing odd jobs around the house. When we have a garage sale, they have their own little area to sell their own things. I am trying to teach them, that if they want something bad enough, they need to save the money first. My son will usually take 1/2 the money he makes and put it toward something he wants, and he puts the other 1/2 in a savings account for something he may want later. I am hoping that this will help them learn to manage money when they are older.

Answer Posted by |strangclan

Answer 3: I think one of the best ways to teach kids money management is by creating a systematic allowance system which mimics real life economy.

For example, I think think it is very important that the allowance is “earned” by doing chores/special projects, etc. This way, they are learning that you have to work for your money (it doesnt just appear out of thin air). Also important is that allowance money is needed. I intend to pay for for all essentials of my child, but to budget extras such as “special toys”, gifts for family members, treats from the icecream truck, etc. in their allowance money. This way, from a very young age they will be used to budgeting their money. If I pay for every special treat my child wants, their money will not mean much to them. I would much rather pay my child a generous allowance (based on work ethic) and have them make financial mistakes as kids instead of as adults.

Another important part of their allowance includes a mandatory budget. I had a friend growing up who received allowance every week. Each week 10% of her earnings went to church, 10% went to savings and the rest she could spend however she wished. Imagine practicing putting 10% of your income in the bank since you are 5 or 6 years old.

I also intend to teach my children about money by recycling toys. If my child wants a brand new toy, I will tell him/her that I will buy it for them if they will give to charity an old toy they no longer use. I will also take them to garage sales, thrift shops, etc. and emphasize how fun it is and what treasures we have found. Instead of throwing something old out, I will try to make a game as to how we can use it for something else?

Lastly, I will model for my childen how to maintain a budget and be honest with them as they grow up about my financial problems early on. When I see someone who is homeless or if we volunteer at a shelter, I will take the time to explain to them how sometimes good people mess up with their money and it takes some time for them to get back on their feet. *I also plan to educate them on investing (as soon as I learn more myself. *As they enter college and get a car, etc. I plan to put their name on my credit card and to teach them how to use credit for one central thing (such as gas) and pay it off each month. Their name being on my card will also allow them to start life with a high credit score and several years of credit history.

Answer Posted by |luv2laugh

Answer 4: I have made many mistakes in managing my own financial affairs throughout my life, but I am making sure my kids understand how to handle money, credit and all related issues:

-we sit down and discuss the months bills and how much income we have coming into the house every month. This way, they understand when I say “eating out is not in the budget this week”, and they understand exactly why - instead of just saying “we cant afford it” and not giving them an explanation.

-each child has a minor savings account with our credit union, and when they earn money by doing work for their grandparents, or I am able to give them a little money for helping me with a special project around the house, they put part of it into their savings - even if its only $1.00 or $2.00 - every little bit adds up, and we sit down with their savings account statement every month when it comes in the mail, and I show them where they have earned interest on their deposits.

-I use THIS SITE to educate my kids on credit and payday loans, and what can happen if you misuse your credit or take out paydyay loans. I have showed them the horror stories of the illegal payday lenders and what they do to peoples lives. Ive shown them an online calculator and had them add up purchases theyd like to make - and then said, “ok, if you made these purchases on a credit card, with, say, just 9% interest, this is how much you would repay for those purchases”. Then we take it one step further and I tell them “uh oh! You just got injured and cant work for 3 months - meaning you cant pay your credit card bill for 3 months - your interest rate just jumped up to 21%! This is how much you will pay for those purchases NOW…” Weve done the same things with payday loans, using the “rollover fee” that many of them charge. This site is a fantastic resource for teaching your kids about credit, debt and payday loans.

-I try to teach by example. My kids have seen me, as a single parent, struggle, fall, get behind on bills and have to deal with the consequences, and pull myself back up and start all over again. Theyve seen me have to borrow from family to make it through the week or month, or to put gas in the car to get to work. BUT….theyve also seen me repay those debts (sometimes slowly, but always paid in full!), and theyve seen me make phone calls to creditors in an effort to make a payment arrangement - not ignore them and allow them to start collection proceedings.

Hope this info helps! :-)

Answer Posted by |SUEBEEHONEY70

Answer 5: What I currently do:
1. I never let my children borrow money to buy things they cant afford.
2. Both my children receive an allowance and I encourage them to put some of that allowance into a savings account.
3. I talk with my children all the time about how credit cards work and how the companys are not their friends.
4. But most importantly, I model how I would like my children to use money.

Answer Posted by |spatterson_40

Answer 6: In order for kids to understand debt and money they have to live it. I have two pre-teens and my problem was, “Mom can I have 10 for this or 20 dollars for that”. They hadnt a clue the value of money (as most kids dont)That was my problem.
This was my solution:
Instead of paying them an allowance for chores etc, I put them on a time card system. I agreed to pay them 8 dollars per hour for the work that they did around the house. That sounds like a lot of money but if you figure the dishes got done in 10 mintes the laundry in 15, and real solid hours worth of work, a lot gets done. First off that eliminated the money they ask me for here and there. They get paid on payday, the same payday that I do, and we keep the time cards on the kitchen fridge.
Inevitably they allways need to “borrow” because payday is not for a few days (sound familiar) Well then what I do is reduce their hourly rate from 8 per hour to 4 per hour until that debt is paid off. They dont like it but they wanted the money early, and it will cost them.

A couple of things have happened since I have implemented this.
1: My house is immaculate!
2: I dont hand out money from my wallet anymore, ever!
3: They are learning the basic rule, If you cant pay cash you cant afford it, and if you have to borrow it will cost you.

I can tell them over and over the importance of money management but at 12 and 13, they couldnt care less what I say, its the REAL LIFE consequences that they respond to and its working.

To do this with your kids, you NEED time cards and a set payday. And you have to be firm and consistent.

Answer Posted by |Joanna

Answer 7: Well, the first thing that comes to mind is allowances–my parents paid me a certain amount for chores, and helped me open a savings account. One good thing that I got out of my childhood was helping my mom out with her annual garage sale! I learned quickly about the value of a dollar(which stretched further 30 years ago than today) :)

Helping your child set up a budget with their earnings can be rewarding and even fun at times! And when they purchase items with their own money, they tend to cherish it and take care of it much better, knowing that they worked so hard to obtain it!

I think parents should be somewhat more open about their finances with their children(at least when they are mature enough to understand). Involving and educating your children using your household budget once they are old enough can really prepare them for their finances once they are out on their own. And they will appreciate you for it. :)

Answer Posted by |saxy_soprano

Answer 8: The number one way to teach your children or any child is by “EXAMPLE”. What you do they mimic to the letter so please set a good example by Saving your money, spending it wisely in front of them, talking about money in senseable manners and most of all “RESPECT” your moeny!!

Thank You

Answer Posted by |Lukeskywalker

Answer 9: Ive developed a payment schedule that is assigned to each household chore, instead of a “blanket” allowance. I have the younger two pick pictures of items they would like to have, including the price, from store advertisements. My older child is more aware of what her activities cost. They then have an opportunity to earn money towards their purchases by picking items off of the chore list. At the rnd of the week I total their balance. Half of the balance must be deposited in to their savings accounts, which we opened with christmas money, and the other half can be spent or save toward their wish list items. I think that this helps my kids see the value in hard work and also how quickly money disappears when “blown”! We also have a rule that half of “gift money” will also be deposited to the savings accounts.

Answer Posted by |angell

Answer 10: I think the best way to teach at a young age is lesson learned. When a parent starts to give a child money, they should explain to them the value of money and parents should have the child sit down with them when they pay their bills. This way the child will see how much the parent makes, how much goes toward each bill and what the parent has left over for the week. Tell the child that this does not mean that the left over money is not to spend as they want.

After a few months, start to give them an allowance. Take the child to the toy store and see how they respond and ask them if they want to buy anything. If they spend all of their money and a few days later they want something, such as ice cream or a candy bar, tell them they should have managed their money better. Buy the child a small box for them to keep their money in. Instead of handing the money to the child every week, put it in the box for them. Go to the bank and get some withdrawal slips and give them to the child. Also get a small notebook for the to keep track of how much money they have. When they need money, have them fill out a slip and deduct it from the notebook.

If they overdraft send debt collection letters to them. Just kidding.

Answer Posted by |pokertramp

Read more

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • del.icio.us
  • Digg
  • Simpy
  • Netscape
  • StumbleUpon
  • YahooMyWeb
  • BlinkList
  • Furl
  • blinkbits

Be wary of Nigerian email scams

A few days back, I saw an email in my inbox. Below is the snippet of the e-mail.

Dear Friend,

I am interested in building and operating a very viable business as a means of investment abroad. I do not know too well on how this is done in your country, so I will need you to help me in this regard. My preference is any good profit yielding business and I would appreciate any viable ideas you could come up with. I will also need you to help me look for properties like homes and lands for sale as I am proposing to invest the sum of Twenty Million United States Dollars($20,000,000.00 USD) for this. I do not know if you can and will be of help to me.I will brief you on my personality; my name is Ali Mustapha Kamaradin, a Morrocan business man based in Nigeria. I am a retired Business man, I was formally into private Shipping Business. I am 52 years of age, married with a wife and 4 lovely kids.

I didnot continue with my Shipping business because it wasn’t producing profitable income. The Nigerian Authority are not cooperating with me because I am a foreigner. My need for this business proposition and to acquire these properties is very urgent as I am planning to move out of this country with my family down to your country. I want you to also aid me in finding a good home where my family and I will live in. (Mini Estate)Please I expect your good and prompt reply so that we can proceed swiftly. I will need your phone and fax numbers for easier communication with you incase I am unable to access my emails.

Email: alimustapha_kama@yahoo.no

Best Regards,
Mustapha Kamaradin.

Tel : +234 802 291 7664

Such emails are scams run by con artists. Remember, do not give out your personal info to anybody whom you do not know.

Technorati Tags: , ,

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • del.icio.us
  • Digg
  • Simpy
  • Netscape
  • StumbleUpon
  • YahooMyWeb
  • BlinkList
  • Furl
  • blinkbits

What are the alternatives to payday loan?

Question of the week:
Question of the week is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a weekly contest and every week a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the week by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 1: What are the alternatives to payday loan?

People say that payday loans are bad but when someone needs urgent money what should they do?


Winner Post

Answer 1: A friend of mine once reached a tight spot, and they refused to get a payday loan. They gathered up their entire CD and DVD collection and took it to a local retailer that always advertises buying back used music and videos for cash. He had quite a large collection, and even though each disc only averaged about $4, it actually all came to a total of a whopping $500. So, he managed to raise $500, which in our state, he would have had to have taken out 2 payday loans to get the same amount of money.The nice thing is that it’s better than pawning or selling precious items that you may never see again. You can always buy the same DVD/CD back in the future, when you are more financially fit.

Answer Posted by |Amaranth

The other answers worth mentioning are:

Answer 2: When someone needs urgent money, they should first consider what the money is needed for. If it is for a true emergency, like a medical necessity, then first they should see if any friends or family can loan them some money. Most people are embarrassed to ask for help from friends or family, but these people are the ones that would be most likely to help you. Also, they should check with their employer to see if they can get an advance or loan on their next paycheck. They should also check with local churches and help groups. Often times they have an emergency fund and are willing to help, even if you don’t belong to their group or religion. If they have any sort of savings they can tap into, that would be an option too. The last option would be checking with your bank. Many banks offer payday loan like loans if you have direct deposit. These are very much like a payday loan, only you know that your bank is a safe lender, and will follow the laws. You will also know that there is recourse if something does go wrong. Banks also tend to charge much less for these loans then storefront lenders.If the money is needed because you need to pay a bill, or need to buy a gift for someone, or something that really isn’t going to drastically effect your life if it isn’t paid, then you should consider just waiting until you have the money. Life won’t end. You can call your creditors, explain the situation, and many times they will give you an extension. Many people that have experienced the headache of getting out of the payday loan cycle will tell you that if they had just went without for that week, then they would never have been in the mess they were in. A way to avoid this need altogether is to build up an emergency fund. This way you have access to cash in an emergency, and it’s your cash. I know this isn’t always as practical as it sounds for those living paycheck to paycheck, but even putting $10 a paycheck into a savings account is a start. Every month you have any extra money, put that in the savings account too. Before you know it, you will have a cushion in case you need urgent money, and will have the piece of mind knowing that if something does happen, you will be able to handle it financially.
Answer Posted by | goudah2424

Answer 3: Begging to borrow money from family and friends is always a better alternative to the payday loan trap. A cash advance from your paycheck, if your company policy allows, won’t cost you 400% interest like a payday loan company. Ebaying items you don’t need anymore, or selling gently worn clothes to a consignment store. If the sun is out and you have an accessible neighborhood, throw an impromptu yard sale, clean out the closets and the toy box. You will probably be surprised how much one nice day will make you, on stuff you don’t need anymore. The price of gold and silver is up, up, up so if you have jewelry your not wearing anymore, trade it in for cash. Do you have a lawnmower or a garden tiller? Spring is here and these services are in high demand and are usually cash pay, offer your services on your street or in your neighborhood. Put yourself out there and maybe add income for the entire season. Finally, while not the ideal option, a pawn shop won’t charge you as high of interest as the payday loan store, they won’t call your boss, friends or family. These are some alternatives to the payday loan trap they will take a little more effort, but they won’t end in a nightmare.
Answer Posted by | msmadison

Answer 4: My reccomendation would be to see what methods you may have on hand by deferring current payments for a month. Most creditors offer this flexible option at least once every year and using this option keeps the account current. If you use this feature for instance on an auto loan or loan payments you may be able to free up several hundred’s of dollars for the month and no one to pay back.
Answer Posted by | angell

Answer 5: I’ve been there - the wolf is at the door, food is short in the house, and there are bills to be paid. A payday loan seems to be the only answer, since there are no family or friends to borrow from. What to do? My answer has been to start making phone calls. Call the creditors that you owe that week first. Explain you are short on cash that week - be honest. Try to make some sort of arrangement with them, promise to pay them on your next payday - and then do it. Don’t ever break a payment arrangement with a creditor if you can help it, because they will be less willing to make another arrangement with you when you need it. For food, I’ve taken donations from food banks when necessary. But if you can, try to get by with what you have, or supplement it with some inexpensive meal stretchers from the grocery store. Rice, pasta, chicken, soups are all fairly inexpensive meals. If you can spend $10-$20 at the store (and spend it wisely), you can buy enough to get through the week. You won’t be eating high on the hog, but you WILL be eating. Prioritize your spending - housing expenses first (rent/house payment), then food, then gas in the car to get to work, then bills.
Answer Posted by | SUEBEEHONEY70

Answer 6: Several times in the past when I needed emergency money and I did not have it I went to my Pastor and he and his clergy got toghter and had odd local church jobs for me to do which not only helped but saved me from drowing in my financial problems at that time. They also gave me bags of food and gave me hope and my pride back. I did not have to go to a PayDay loan place.I know it is scary, but before I ever go to a Payday loan place I would let my credit cards payment overlap becuase with even that the outcome may be cheaper than what a Payday loan can cuase in the outcome. And while that is happening I would join www.debtconsolidationcare.com and while you help all you can, you also help yourself financialy.

Thank You,
Lukeskywalker
04/25/2008
Answer Posted by | Lukeskywalker

Answer 7: The best alternative is to “not” borrow if you don’t have to. Instead, try re-working your budget. Put off buying things that can wait, and save up for them instead. Start a savings account today, and put at least 10% of every paycheck into it. Then in the future, when you are in a pinch, you can rely on your savings instead of borrowing.If you have an immediate need for funds, and cannot wait, there are a few good options:

1) Try borrowing from friends/family. Be up front with them, explain your situation, and put an agreement in writing to ease their mind. **Just make sure that you can/will follow through with the arrangements, or else you may “burn your bridges”.

2) Some employers will give payroll advances or company loans, which are usually interest free. They will set you up with a payment plan, and have your payments take directly out of your paycheck.

3) Credit unions are a good measure, they are usually very reasonable and don’t charge a lot of interest. A lot of employers have credit unions on-site or nearby that can help.

4) When all else fails, and you have to borrow from a traditional finance company: A) make sure they are licensed; B) shop around and compare interest rates; C) watch out for companies that say “no credit check” or “bad credit okay” — they say that for a reason, and the reason is usually because the rate is extremely high; D) make sure the payment fits your budget, and that you will be able to continue with those payments until it’s paid … it’s bad practice to enter into a loan worrying how you will make the payments.
Answer Posted by | DebtCruncher

Answer 8: I’ve learned from my own personal experience.One thing that held me back from asking for help from family or friends is my pride, and shame. But if I had to do it all over again I would have. I would much rather pay back a friend or family member then a payday loan company. More suggestions are, borrowing against a 401k plan if you have one, asking your employer for an advance on your pay, asking your employer for a loan (all they can say is no) and some employers have a reserve fund for just that purpose, they just don’t advertise it. More suggestions would be to sell items you no longer use but may hold enough value to get you by, or having a garage sale. Those are a few of my suggestions, I hope they help someone.
Answer Posted by | Shazzers

Answer 9: Borrow from family or friends.
Take out small loans with your bank or credit union.
Have a garage sale.
Sell your unwanted stuff at a flea market or swap meet.
Sell items on ebay.
Do odd jobs for cash, deliver newspapers, mow lawns, in the winter shovel snow.
Get a second job.
Borrow from your employer and have it payroll deducted.
Make crafts and sell them at a craft show.
Look for unclaimed money on the missingmoney.com website.
DO ANYTHING, BUT DONT TAKE OUT A PAYDAY LOAN.
Answer Posted by | strangclan

Answer 10: After being in the payday loan cycle, I believe that any alternative is better than another payday loan.If you owe a bill such as phone bill or utility try to work out payment arrangements with the creditor. I have found that most are willing to help you out, it’s better than not being paid at all. My employer has just started doing advances if we have an employee in desperate need. You have to pay them back weekly, but it is a sum that you can afford. Even if your employer doesn’t offer this assistance, they may be willing to help out. It’s better than having a stressed out employee who can’t concentrate on their job. If you have credit cards available you may be able to cash advance your credit card, the interest rate may be high but no where near as high as a payday loan. While I’m not advocating bouncing checks or writing a check with no funds available most banks do offer some kind of overdraft protection. The fees incurred are still less than a payday loan. Short of having a garage sale or selling something of value there is no way to make quick cash in my opinion. We need to further educate ourselves with our finances and learn to save something each week no matter how small to help cover emergencies when they happen.
Answer Posted by | jazzy4136

Read more

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • del.icio.us
  • Digg
  • Simpy
  • Netscape
  • StumbleUpon
  • YahooMyWeb
  • BlinkList
  • Furl
  • blinkbits

The battle begins - One question is worth $50

We discuss hundreds of topics in a day in our forums but the “Answer & earn $50″ section has twisted the story. This recently added section is an opportunity where hundreds of us can answer one question and battle it out for better and the best ones.
Question of the week

How it works?

  1. Our community picks up the question of the week, which is displayed on the site under the section “Answer & earn $50″.
  2. Anyone can answer it. All the answers are kept hidden.
  3. At the end of the week, all the answers are shown to our moderators’ panel. They pick up the 5 best answers (first one gets 5 points and fifth one gets 1 point).
  4. Answers with the maximum points win.
  5. $50 is paid to the member for the best answer.
  6. Once the result is declared, all answers are made public.

Today is the first day of “Answer & earn $50″ and the first question is “What are the alternatives to payday loan?”And we already have SIX answers. Must say it is a great going :)

About Personal Loans - Get the facts straight!

Technorati Tags: , , , ,

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • del.icio.us
  • Digg
  • Simpy
  • Netscape
  • StumbleUpon
  • YahooMyWeb
  • BlinkList
  • Furl
  • blinkbits