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Tips on Controlling Debt Include Being Wary of Payday Loans

Filed under: Advice — Paul Rizzo at 5:51 am on Thursday, October 26, 2006

Debt Advice Numerous articles these days talk about the growing level of debt among U.S. troops. Many blame the proliferation of regular and/or no fax payday loans for this problem.

As The Motley Fool states, however, even if your job doesn’t require you to wear body armor and dodge bullets, the problems soldiers face contain some important lessons for everyone. Ask yourself:

  • Is the size of your debt bothering you? If you’re spending a lot of time worrying about car payments, credit cards, or if fretting about quick payday loan bills distracts you from work, home, or hobbies, your debt load might be too high for your comfort.
  • Do you live for today? Enjoying the moment is important, but not if you have to sacrifice your future. It may be time to take a second look at those debts if they prevent you from saving for retirement or meeting some other long-term financial goal.
  • Do you have financial smarts? Before you take on debt, understand the terms and conditions, along with the repayment requirements on resources such as cash advance loans. Make sure the size of the debt is comfortable for you, not just for the lender.
  • Do you visit the payday advance lender? Even if you don’t actually take out cash advances, you’re doing something similar if you borrow with credit cards. That high-interest loan against your next paycheck is just sitting in your wallet waiting to see some sunshine. Credit cards, used wisely, can be useful tools, but they can also run a person into deep debt quickly.

A lot of this may seem like obvious advice - but it still helps to review it. The bottom line is typically to simply remain aware; don’t sign up for any payday loans online, for instance, unless you’re familiar with all the terms and rates.

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