A Payday Loan Is Not Meant To Reduce Credit Card Debt

Is reducing your credit by getting a payday loan a smart way to handle your finances? Payday loans are short-term cash advances that are to be paid back with the borrower's next paycheck. They too are considered a form of credit in that you are borrowing with the assumption that you will pay back.

Borrowing from one lender to pay another is only asking for trouble when it comes to reducing your debt. If you don't have the money to pay your credit card bill, taking out a loan is only going to make your situation worse because now you have to find a way to pay back the money you borrowed from the payday lender. Most lenders require you have a checking account with direct deposit that way they can automatically withdraw your payment when your paycheck goes into your account. Repayment is usually expected with the paycheck you receive subsequent to when you took out the payday loan.

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When thinking about taking out a payday loan in order to make your credit card payment, seriously consider whether or not you will be able to afford to pay it back with your next paycheck. If there's a chance you will not be able to make payment to the payday loan lender, look to other options concerning your credit card. Find ways to cut back in your monthly budget (assuming you have one) in order to make your payment. Here are just a few ways you can trim your budget, save money and ensure you are able to make your credit card payment every month:

*Shop around for better auto, home and life insurance rates to lower your monthly premiums.

*Consider getting rid of your home phone line and using only your cell number.

*Get rid of your cable package or at least downgrade to a cheaper one.

*Cancel subscription magazines, trips to the nail salon, or any other unnecessary costs.

*Budget for your groceries and gas and stick with it!

*Pack a lunch instead of eating out.

*Make coffee at home in lieu of getting a gourmet drink every morning.

*Give homemade goods on special occasions instead buying gifts.

*Set a spending limit at Christmas time and have family members draw names.

*Instead of paying for a gym, use exercise videos or walk/hike.

*Program your thermostat in the summer and winter times to save on cooling and heating.

*If you are tempted by certain retail stores, avoid visiting them or even "window shopping".

*Give! You may be trying to reduce debt but giving to your church and local charities can help you keep things in perspective, encourages you to prioritize, sets a good example for children in your family, and feels good!

Reducing credit card debt by taking out a quick payday loan may be an option if you are confident your budget will withstand paying the loan back. If not, find another solution on top of incorporating the money-saving tips above. You will save yourself money over the long-term as well as lowering your credit card balances and putting yourself one step closer to becoming debt free!

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