Teresa Wants Quick Cash to Not Become Homeless
Dec. 9, 2008
Teresa wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
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“Dear Steve,
In debt to cash advance companies and am short $350 for the months bills
Is there any help with cash advance loans and how can I get cash quick to not become homeless?
Teresa”
Steve’s Answer:
Dear Teresa,
The easiest way to not become indebted to cash advance companies is to not take out cash advances. A cash advance from a payday loan outfit or even a cash advance from your credit cards is a costly way to borrow but it might make sense if you have a short term need that can be fully repaid with your next paycheck and not put your further behind.
In fact a payday loan in this situation can be much much cheaper than a cash advance from a credit card since the credit card will charge you a huge interest rate and not apply any of your payments toward that cash advance until you pay off the rest of any balance you might have.
You have three real options:
- Ask a friend or family member to bail you out. Or ask your church you belong to if they can help.
- Negotiate better repayment terms with the cash advance store and see if they can work with you to develop a mutually agreeable way to repay the debt.
- Bankruptcy might be an option, depending on your total financial situation, click here for bankruptcy information.
Big hug.
Steve’s Answer:
Source: Teresa Wants Quick Cash to Not Become Homeless
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Tags: better repayment terms, cash advance loans, cash advances, payday loan
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