Options to Avoid When You Need Money
Sometimes it seems like the easiest way to deal with burdensome debt is to come up with some cash to pay the debt down. While this can be a good strategy, coming up with a chunk of money usually isn't easy. You might be tempted to turn to many of the advertised "get cash quick" options. These include debt consolidation schemes, payday loans, pawnshops, and the like.
But before you turn to these services, beware. Many options for getting money quickly will land you in hot water, and increase your debt burden even more.
If you need money fast, it's usually best to avoid payday loans, high-interest personal loans, debt consolidation loans, and car title loans. These options come at a steep price.
Because pawnshops charge exorbitant rates and fees, they are not a good way to get money.
If you need money, getting a car equity loan or car title loan is rarely a smart financial decision.
Many Americans are in debt trouble, especially as the economy continues to lag and unemployment rates remain high. If you're struggling to pay your debts, don't ignore the problem.
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