Will that be credit or debit? This is a question many Americans are faced with every single day. Unfortunately so many Americans are choosing the latter more and more. Americans are drowning deeper and deeper in debt every year. According to the Federal Reserve bank, in 1968 consumer debt in America totaled about 8 billion dollars. Today, it is more than 880 billion! Fool.com reports that the average American home has $8,562 worth of credit card debt. Despite these overwhelming numbers and the sometimes overwhelming desire to use debt as a tool, there is hope for getting out of debt. Following some very simple steps could very well see you on a path towards being debt free.
Grandma always said “You need to save for a rainy day!” Boy was she right! Having an emergency fund is probably the most important step in becoming debt free. You have to have something to fall back on. It’s going to rain one day. You need to have an umbrella! The fact is however, Americans are not saving money. Last year CNN.com reported that the national savings rate was at the lowest rate ever since the Great Depression, yet 78 million Americans are expected to retire in the next 20 years. The reality is it’s hard to get out of debt if you have no savings. Emergencies will come up and without savings, it will seem like you are always taking a step backwards.
In order to become debt free you must make a choice to keep from going into more debt. This may sound like a simple thing but most Americans ignore it. Making a decision to not use credit cards and to pay cash for purchases is essential if you want financial freedom. Learning to have discipline and to stay away from making purchases using credit will allow you to change your financial life. Without such discipline you most likely will continue to struggle digging out of a hole.
One step in becoming debt free involves having a “Come to Jesus” meeting. By this I mean you need to come to terms with how much debt you have. Make a list of every debt you owe and who you owe the money too. Come up with a plan for paying the debt off. I like the idea of paying on the smallest debt and working your way up to the big ones. You get a sense of accomplishment every time you pay a small debt off. It gives you the ‘push’ to keep on fighting all the way to the top of your list. Whatever approach you choose, come to grips with what you owe. Hiding the bills in the drawer or not opening the envelopes, won’t make the debt go away.
Perhaps you feel as if you don’t have enough extra money to pay down your debts. If this is the case, you have an income problem. How do you solve it? Find some extra work. Taking a second job is a great way to make more money. Look for other ideas like selling things on ebay or having a garage sell. Most people have lots of junk that they could get rid of. You may even decide to sell some things that are not junk, in an effort to sacrifice and get out of debt.
Finally, look for opportunities to save money. Can you cut back on spending? Could you cut coupons for food? Maybe it’s time to stay at home and watch that expensive cable you have instead of going out. Whatever choices you make, making sacrifices in your spending can pay big dividends.
In the end becoming debt free is a choice. You must choose to change your habits. You must choose to take a stand and leave the credit world behind. You will make sacrifices, but if you stick with the above mentioned tips, you will soon be on your way to becoming debt free!
Obtaining loans, specifically for the purpose of catching up on bills, can be some of the most difficult ones that you will ever acquire. You may only be looking for one small loan, perhaps for a few hundred dollars, but a traditional bank may not even consider you. These unsecured loans are not backed by any type of collateral in most cases. Banks need to have some physical asset in order to believe that you are going to make your payments. Other companies, such as a payday loan business, will be more than willing to work with any individual that is gainfully employed. Quick cash loans have become easier than ever before to acquire. Let’s look at why, and then how you can get the loan that you need for this emergency that has arisen in your life.
Why People Need Payday Loans
The primary reason that people will contact one of these companies is that they have come to a financial emergency in their life. They may have an excellent job, but due to receiving bills that they cannot pay, they need to get a quick cash loan as soon as possible. These loans are very easy to obtain. There is a simple form that you fill out, one that you submit online, and it will go directly to their approval department. They will evaluate your request, compare that with how much money your next paycheck will be for, and then make their decision.
What Are The Odds Of Getting A Loan Like This?
The odds are actually very good for most people that request quick cash loans. The reason is that these companies have become more lenient in regard to who they work with. In most cases, they do not concern themselves with your credit rating. They also do not require any type of collateral. As long as you can show them proof that you have a paycheck coming in, that is reason enough to provide you with the money that you are requesting.
These are businesses that are typically used as a measure of last resort. They are utilized by individuals that are in a financial bind that they cannot escape from. If they are able to lend you the money, it will be deposited within hours of your approval. It is a great way to take charge of the financial situation that you are facing right now using these reputable payday loan businesses.
If you need money fast and you don’t have good credit, you can always rely on quick cash loans to get you the money you need. These loans are easy to apply for and if you have a job you will be approved. The lender won’t run a credit check and you can use the money right away.
Bad credit can make getting a loan from a traditional lender impossible. Conventional lenders only want to work with people who have good credit. If you have applied for credit cards and loans in the past and keep getting turned down then you should definitely apply for a cash loan. If you have a checking account and a job, you won’t have any problems with being approved.
You can find cash loan lenders online and there are many lenders to choose from. You will want to check reviews of the different lenders and also check around for the lowest interest rate you can find because some lenders charge more in interest than others and you don’t want to pay more than you need to.
Once you find the lender you want to use, you can go ahead and fill out the application. The application is always short and quick to fill out. The lender will make a decision in seconds and deposit your money into your checking account the next day.
Cash loans are great for when you have an emergency and need money quickly. If you need a quick car repair or you want to pay a medical bill, quick cash loans can deliver the money you need in just 24 hours. You won’t have to worry about getting approved and you can use the money for anything you want. The convenience of cash loans can’t be beat.