Friday, August 11, 2006

Advice for Financial Freedom … That Doesn’t Include Payday Loans

By J.J. Cameron
Payday Loan Writer

As the levels of consumer debt rise in America, it's apparent individuals need assistance. Sometimes, payday loans are the answer - as long as you understand how their interest rates work.

Over at, however, a column talks about steps toward total financial control. We've paraphrased it below. Take the advice of this expert, take out a faxless payday loan … but just do SOMEthing about those rising bills!

Cut Up Your Credit Card Bills: The First Law of Money Dynamics states that if you have plastic you will use plastic. Therefore, you'd be well-advised to stop carrying anything but a debit card and leaving the credit cards at home.

Get real: People seem to believe their money problems will be solved by someone or something else, somewhere down the line. So let's get one thing straight: You're not going to win the lottery or marry the Sultan of Brunei. That's why applying for an instant payday loan is at least some sort of move in an active direction.

Get over it: Start a spending plan. Budgets can be tricky, so for 2006 implement the simpler 60% Solution. This entails keeping your committed expenses to 60% of your gross income. It's challenging, but worth it in the end.

Set up separate accounts for saving: You can actually set up TWO extra savings accounts: one for short-term, one for long-term. It doesn't cost a dime to do so. This is where the idea of a savings account payday loan came from.

Make saving automatic: Pick up the phone and arrange for automatic transfer forms to be express-mailed to your home or office. This way, 10% is transferred to your new short-term savings account with every single paycheck. If you can't manage 10%, start with 5% and build up to it.

The idea of all these steps is to offer an alternative to online payday loans that helps you lower balances. Good luck!

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