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 is usually not easy. If Aunt Mary can't loan you several thousand dollars, you can't increase your income, or you don't win the lottery, 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.
Below are some of the options you should avoid if you are trying to get money to pay down debt.
To learn about safer strategies to get control of your debt load, see the options in Dealing With Debt.
What to Avoid
What to Avoid
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Fast-Cash Options to Avoid If You Need Money
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.
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Disadvantages of Pawn Shop Loans
Because pawnshops charge exorbitant rates and fees, they are not a good way to get money.
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How to Stop Automatic Payments on a Payday Loan
If you need money, getting a car equity loan or car title loan is rarely a smart financial decision.
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When You Can't Pay Your Bills: Things to Know
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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