Avoid Debt: Learn To Say No To Payday Loans
Payday loans are deemed to be your last option whenever you’re needing for instant cash or funds. This is obtained a few days prior you get to receive your salary. However, several people haven’t been diligent to pay off this kind of debt, which resulted in extreme interest rates. If the time comes when you need quick cash, you should avoid payday loan as much as possible. In fact, it is termed as an expensive form of credit. Also, payday loans is a terrible choice if you need cash. So, if you have other options or means, you might as well consider it rather than falling into this trap.
Payday loans is a predator to those with poor credit, requiring them to pay high interest rates. Thus, if you’re current endeavor is to break free from debt, you should cross out this option as it may just worsen your situation
How To Avoid Using Payday Loans
The best thing you can do to avoid paying high-interest rates on any loans is to shun from applying. As you anticipate that you might be needing an instant cash every now and then, it is best for you to start building your emergency fund. Having this in place allows you to cover expenses that you didn’t expect. Ideally, it may have to be either a three months total income or six months of total income. In case, you don’t have the amount as of yet, you can start off with a $500 to $1000, which is already a great start-up amount.
If you can’t find any means or source of money for your current emergency, with no savings and no other credit, you’re questionably in a huge financial crisis. So, as early as now, you have to be serious in saving, investing and making more money.
What Are My Other Options?
Besides, to attain your goal in Advancing your emergency fund, you can consider freelancing or any other ways to earn more money. Apart from that, you also have to plan for long-term goals and start scrutinizing where your money goes and if it’s spent wisely. With all of these items in place, surely you can say no to payday loans during financial struggles.
Get Help Today!
If your financial struggles are unbearable, always remember that help is always available. Do not let your debt weakened you. You must explore possibilities and ways on how you can pay off your debt. You must know that there are several debt relief options in Canada that you can qualify for. Besides, being in debt is not something you can ignore.
The moment you start ignoring it, you’re like digging a hole to bury yourself. You must act on it by exploring the several debt relief programs for Canadians. A debt consolidation, debt settlement, credit counselling or consumer proposal might be your best tool to become debt-free. We are happy to extend our help and be part of your success. To get the help that you need today, fill out the DEBT RELIEF FORM on this page.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.