Using a cash advance to relieve
financial emergencies is the basis to why short-term loans are so popular. The
loan is for a few hundred dollars, it gets deposited quickly and the payoff is
meant to keep the borrower form falling into more long-term debt. The harsh
part of these short-term loans is that if the full payoff is not completed on
the original due date, there is high interest applied to any remaining balance.
As horribly as this interest affects people's monthly expenses, a cash advance
lender continues to grow in popularity. The need for emergency cash and the
will to spend more, will keep third party money opportunities profitable.
Long-term revolving debt offers fast
assistance for emergencies which a credit card is accepted as payment. If you
really think about most credit card balances, the majority of debt is created
by consumption rather than emergency solutions. The intention of having a
credit card may not have been to spend more; but for many Americans, the temptation
to use the cards for non-emergency purchases has made household debt an
exuberant figure. Do credit card companies perform practices which enforce
irresponsible spending?
I can't answer that question in a
professional manner, but I can give my response to it as it relates to my own
personal situation. Credit card companies tend to look at more than just your
credit history to make decisions pertaining to your accounts which will
coincidentally affect their profits.
*I have been working diligently at
paying down my debt. I found it very interesting that even though I am still
facing a deep debt pile, one of my creditors recently raised my credit limit.
Are they trying to take advantage of all my hard work in hopes that I will be
tempted to make a very large purchase or maybe take my family on a
well-deserved vacation? I guess I have fallen into the "good risk"
category and might see more offers coming in the mail soon. Now I will
definitely need will power to keep myself on the same path to free myself of
debt.
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