Taking out a payday advance may be putting a band aid on a surgical incision.  Although, we would all like to believe that these Payday loan companies are there to help us, they really are making a bundle on our debt.  In this country, it is a fact that we spend regardless of how much we actually make.  Take a group of people on food stamps and ask them how many times a month they eat fast food and I bet you would be astounded at how high that number was.  Instead of saving, we as a country tend to spend and spend without putting aside enough for a rainy day.  Instead of buying Starbucks coffee, make your own at home and put it in a travel mug, then put that money aside.  Use coupons when you shop and put that money aside.  There are ways to save money, even on a limited income.

 

Encouraging people to take a payday advance off a paycheck that they don’t have in their hands yet, just seems like a dangerous practice.  If these people don’t have any money now, what are the chances that they will be able to pay off a cash advance quickly?  Or perhaps that is the goal to encourage the paying back and borrowing back of the same money, over and over again.  Maybe, they are truly hoping that you keep paying the inflated interest rate over and over again for borrowing the same money.  And once you have a payday loan out, how will you handle an emergency? Will you take a second payday loan?

                                                                                        

If you are one of these people who keep borrowing from a payday loan place, then you need to put an end to the cycle.  Each time you go in to pay a loan back, just take out a little less.  Even if it is a small amount each time, you will progressively pay it off and without dumping half your paycheck in the process.  Then if you can accomplish that you can take the same amount per paycheck + the interest that you were paying to the cash advance place and put it into a savings account.  If you follow this simple process, before long you will have your own savings in place that you can borrow from in a time of emergency.  See, I bet you didn’t think about how simply you could break the cycle.