When we face tight financial
situations we also face different options we can choose from to help lift us up
out of debt. Considering there are numerous options, it can be overwhelming to
figure out which one is the best based on what is in our path.
We do not want to choose the wrong
one because we want to save the most money we can. This is why it is incredibly
important to understand what the options are and use that knowledge to our
benefit.
The problem is that some of the
options are less publicized or even downplayed so we do not consider them.
Payday loans are one of those options that are commonly misrepresented.
Because of this, it is necessary to
understand what they are and contrast their cost with other options to see
which would save the most money. In your financially difficult dilemma you are
$100 short on cash and you have to pay your rent at the end of the week.
The problem is that your paycheck
will not arrive until the following Thursday. You have to pay off this debt but
you simply do not have enough money to do so.
You decide that you will simply not
pay off your rent and hope your landlord will accept a late check. The problem
here is you will be charged a late fee on your rent as soon as it is late.
This fee is usually a percentage of
how much rent you pay so you end up paying a significant amount of money.
Realizing this you decide you want to avoid going this route and look to other
options.
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