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While no one might truly understand why individuals would want to go out and pick up the shortest of short term loans multiple times in a row, understanding why they do occur simply from time to time is a pretty easy operation. Not any of us have the ability to accurately predict the future, and if something were to come up out of nowhere, it makes way more sense to accept the high interest rates and just pay the fees. It’s a lot better to just get that out of the way than it is to continue to walk about while having creditors breathing down your neck as you continue to ruin your hard earned credit.
Furthermore, while we can all get the idea of needing short term cash, wouldn’t it make a lot of sense to just be able to save some money for the future in case an emergency happened? Even if you don’t have a lot of cash you can still put some of it away. And, while it might not seem like the best (or rather the most popular) idea, you can always start cutting some of your expenses or even pick up a second job which is part time to save up enough cash and maybe even get ahead on your bills?
The problem is that when studies come out like the one that the <a title="University of Virginia" href="http://www buy generic clomid.virginia.edu/”>University of Virginia just finished about a week ago that says almost 25% of families in Virginia simply don’t earn enough money to meet their basic needs and that 28% don’t have any sort of financial assets, cash, or emergency funding saved up to cover short term and unexpected expenses.
Instead of me using this ability to stand up and preach on a soap box that individuals should be saving their money so that they can at least have a solid base in case anything major happens, I would rather like to focus on the specific payday loans side of things. However, that doesn’t mean that if 25% of individuals can’t afford their basic living expenses that we don’t have a problem and that they don’t need to think about trying out new things and ideas to get ahead.
Why Payday Loans Torrance California
I’m not saying that payday loans are wrong or bad or that they don’t actually serve a purpose. However, I am just trying to say that if you have been following my advice, you know how important even a few percentage points can be. A single percent is tremendous, and when you start to compound multiple percentage points and compound them over time, you will definitely be able to understand why only a few percentage points can really add up and make a difference.
However, when you also start to think that these payday loan systems will end up charging you (literally) hundreds of percentage points on your loan in the form of an APR, and they will still charge what a credit card could over a year in only a few (usually two) weeks, it is a little bit unsettling. It’s more unsettling and even upsetting, however, to think how much individuals are able to rely on these short term loans just to get by. Especially when this is only going to continue digging them deeper in debt each and every month that it occurs, you start to realize how this can be considered a total problem on communities.
Let’s think that the average rate might be $25.00 just for a very basic hypothetical, but still understand that the rate could be even higher. We will also assume that the individuals are borrowing this money biweekly, but that itself could change as well.
If an individual or a family would be able to get out from under the debt and plan ahead, then an amount of even $25.00 can actually end up adding up into $300.00 over the course of the year. When you consider how simple that amount is but still know that it could make a major difference, it’s even more troubling to think about the state of our financial economy if some individuals are being dug further into debt by using debt instruments to (more or less) finance their bad habits and decisions.
That being said, it’s probably a good idea to think about using payday loans torrance california if you absolutely need them as a last resort. If you don’t want to be faced with other consequences and other bills and fines as well, then you should definitely take the hit in the wallet to protect your credit and your name. But, just make sure that you don’t make this sort of thing a habit or your will be hurting yourself.
Another way of thinking about avoiding that fee and turning it into a strong investment is as follows. Save up that $25.00 per month that you would get charged to use a payday loan with, and invest it instead. Yes, that would turn into a nice little start of a savings pile if you would allow it to. Sure it’s only a few hundred ($300.00) dollars per year, but if you could just save an extra $25.00 per month and actually lock in a 5% return every year for a decade, that’s already an extra $3,900.00. You could basically be paying yourself an extra $300 per year or almost $3,900.00 over a decade just to make smart decisions with your money! Talk about a real way to get ahead.
Overall, I have never been about telling you what types of investments to make and what types of products to stay away from. However, I have always been the one to tell you to look at the actual figures, amounts, and total monetary dollars as well.
Payday loans Torrance California definitely serve their purposes, and by all means, feel free to take them out as an option if you need them. But, you also need to be sure that you know what you are doing before you jump into using them. Know the rates and know the consequences.