How do I still pay rent on time?
RE:
Hi smokiesbandit77,
Welcome to the debt consolidation forum.
Quote:
I have realized that my inadequacy of sticking to a budget has spawned this habit. |
Get rid of this habit as soon as possible. It is very important to stick to your budget. If you go haywire from your budget plans, you will be in real serious trouble.
The most important step to get rid of this instinct in you is to stay within your budget. Proper and careful budgeting helps you to lead a peaceful and secured life, away from financial worries.
Here is a very useful article for you, which will give you smart tips on how to budget your expense.
http://www.debtconsolidationcare.com/budget/
I'm sure you will be benefited after reading this article minutely. Just remember a well managed budget is the key factor which keeps you away from debts and saves you from a lot of unnecessary worries.
Hope you keep in touch and share your experience with us in the future days to come. All the best :lol:
Cheers,
Jason
Here's what one of our US senators had to ssay about this practi
Here's what one of our US senators had to ssay about this practice:
Quote:
Paying high fees for the loans, the sailors often are forced to get new loans, sometimes from several companies at the same time. ''This culminates in a snowball effect or financial death spiral they can't recover from,'' he said. ''I have one sailor who is writing $2,893 in checks to cover $2,550 in cash advances.'' Sen. Joseph Lieberman, D-Conn., convened the public discussion on payday loans, which he called ''one of the most expensive consumer credit products in existence.'' A consumer advocacy group, Consumer Federation of America, uses a harsher term: ''Legal loan sharking.'' ''Interest rates on payday loans average about 500 percent annually, with some loans going well over 1000 percent,'' said Lieberman, senior Democrat on the Senate Governmental Affairs Committee. ''Because of the easy terms and ready availability of these loans, combined with high interest rates, borrowers often become trapped in an ongoing cycle of debt.'' The loans are legal in 31 states, and the volume of payday loans, provided at some 10,000 locations nationwide, increases 15 percent to 25 percent during the holiday season, according to the industry. The industry earned an estimated $1.4 billion this year, Lieberman said. Financially strapped military personnel, college students and seniors on fixed incomes are among the groups most likely to use the loans, the senator noted. An industry official acknowledged at Wednesday's forum that there are problems, including cases of excessive use of ''rollovers,'' in which consumers are unable to repay the loans and they are extended for two more weeks or so. |
CUT BACK CUT BACK CUT BACK on non-needed expenses.
Think Cheap...turn off stuff u aint using, the cumlative effect over time saves money.
If you drink and/or Smoke...cut way back and or quit...plenty of savings to be made there.
Buy/use more "Powered" soft drikls (Kool=Aid, Ice-Tea, etc) then canned/botled soft drinks.
Use Store Coupons,...
all of this adds up when done in tandem, but get away form those PAyday loans...those sharks will swollow you whole and not even blink.
Jerry
Hi smokiesbandit77 Please don't get tempted to anything comin
Hi smokiesbandit77
Please don't get tempted to anything coming in your way. Living life luxuriously certainly looks nice if you know that you are paying for it and that you can afford it. But if someone else is paying for it, then you know that it won't be free of cost and that you have to pay something extra for it. As a result, it reaches to the point where the expense is much higher than your income. And that is the point, when these payday loan companies try to take everything from you. So, always be careful and I suggest you not to make them your weakness.
Regards
Roxette
Re: Check cashing/Payday loan branches
[quote=smokiesbandit77]Ive gotten into a habit of using this service when I need quick money. I have realized that my inadequacy of sticking to a budget has spawned this habit. How do I get out of using them and still pay rent on time, eat and drive to work? Any advice? :roll:[/quote]
First off, this is a very bad habit that you have to try to stop immediately. The costs outweigh the benefits. payday loans are notorious for high interest rates. So you have to put this habit into perspective. You are going to work, and standing up for 8 or more hours a day, and you are receiving an hourly wage. Then after 2 weeks of working your butt off, you have to give all of your earnings to a loan officer. And on top of that, you are actually paying him over the salary that you made for that pay cycle in the form of high interest. This is really not worth it.
With a little discipline, you can stick to a budget and eliminate the need for a payday loan. Don't always go for the brand name items at the supermarket. try to use cash most of the time. And when you want to buy big ticket items, you should try to save up your cash in order to purchase these items that you desire. it is not bad to dabble in a few luxury items. but it is best that you save your money and plan/budget ahead of time. So all of your costs wont infringe on the basic necessities that you have to take care of.