By Shawn Martin
Many people are finding themselves in a bad way financially as the springtime rolls around. Everyone made it through the holidays but many came up short and ended up going the payday loan route to make ends meet for the Christmas season and are now facing the realities of their decisions.
Maybe the loans are too many and too much to make the payments on or are already in default and the loan companies are calling and threatening legal action.
Or maybe the bank account did not have enough money in it to cover the payday loan payments and it is now in crisis mode.
Or maybe both the above are going on and you just do not know what to do! You would not be alone. Many people desperate to make Christmas work end up in this situation, and it is a hard lesson to learn. My grandma once told me if you can not go out and buy it, you can not afford it right now, and I am taking that to heart.
So, what to do with this financial mess and how to avoid it in the future For if we do not learn how to avoid it we have wasted a great lesson payday loans have to give us.
Before we go selling the farm lets first get all these payday loan companies off your back by getting them consolidated. You can find out how to do this by visiting our Payday Loan Repayment Plan page.
Once we get that taken care of let’s take a look at how these loans work and when and when not to use a payday loan.
Every single payday loan you would ever take out is designed for maximum profits for the lender and maximum payments for the borrower.
There are no exceptions to this rule. If you are going to do business with these companies, you must know that they are set up for you to fail.
If you must have short term cash, you take the loan out only for the amount you know you can afford pay back in full on your next payday, period! No rollovers, no extensions. And if you are using online companies, make sure you read all the fine print and understand how your payments are made. They can really screw you if you do not pay attention to this.
Lesson learned, right? Payday loans are emergency only, and one payment only options that should only be used with extreme caution and only after one understands how to use them.
I hope this information helps you consolidate those loans and helps get rid of your post-holiday blues, and in the future, avoid this situation altogether by staying away from these loans!