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A Warning About Pay Day Loans

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You have probably seen advertisements where you can get a cash advance until pay day. These are typically called “Pay Day Loans.” You bring in prior paystubs and let them know how much you want to borrow. You get the money right there, and you have to pay it back when you get your paycheck.

Make sure you read the fine print.

The rates on these short-term loans are astronomical. Is it really necessary that you have the money right now? Is it possible to get an interest-free cash advance from your employer? Even if it is difficult to ask your employer, it is worth a shot.

Another thing to be careful of with these loans is getting in a viscious cycle where you are continually using the services because your normal cycle of pay day spending has been altered. Every time you get one of these loans you are paying a lot in interest.

Pay day loans can be great for times where you absolutely need the funds and you cannot get them any other way. Just be careful.

Technorati Tags: pay+day+loans, cash+advance

My Student Loan Debt

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I have a decent-sized student loan debt. Not quite $10,000 but close. My husband, on the other hand, has almost $30,000 in school loan debt.

At the time, it seemed like a good idea. Take out a loan to help pay for books and such in addition to your schooling. You don’t really think about what you are going to have to pay once you get out of school. What’s another grand in debt, right? That was my attitude.

I often wonder what it would have been like if I was able to graduate from college debt-free. There is actually someone I know who is trying his hardest to make sure his daughter graduates from college without debt. He is practically putting himself in debt to try to make a nice transition for his daughter into the real world.

You know how I feel about debt, and I will say often that I wonder what it would be like if I didn’t ever have it. But deep down, I think having that mountain of debt when I ventured into the real world has helped me grow up ALOT. While others were partying, I was working trying to pay all the bills. I think I turned into a responsible adult as an indirect result of my debt. But, enough of that. I still don’t like debt 🙂

Technorati Tags: debt, student+loans, college+debt