Should you or should you not use your credit card, a payday loan or online cash advances in order to make that extra purchase? Ideally it will be up to you since you don’t have to answer to anyone but yourself as to where the money goes. Maybe you have to answer to a spouse or another family member, but the companies providing this cash will not care what the purchase is for, only that you pay it back. So here you are in the dilemma of should I or shouldn’t I?
Online cash advances offer quick access to money.
Should you?
- Do you have the flexibility within your budget to take on a new payment without putting others at risk?
- Is your purchase a necessity?
- Will you be able to pay it off in a reasonable time frame?
Pay off your online cash advances for the most cost effective solution.
Extending payments will rapidly increase the initial cost of the item through interest payments. Some purchases end up costing people multiple times the price once the credit card bill is paid. When utilizing payday loans or online cash advances, a person will need to pay fees for the fast service on the original due date. If paid off on time, the purchase could be worth the extra cost. If dragged out over a period of time, the amount you pay in interest drastically increases the purchase value.
What are some signs within your finances which may prevent you from making financial mistakes? You can’t find signs if you don’t keep an eye on your where your income disappears. A person with a working budget will have a general idea as to how much money is left over each month. This “extra” is the money which may add to debt reduction, tuck away into the savings account or to spend on something extra. This is also the money which would be used to pay off the credit cards or short-term money solutions. If there isn’t enough to pay off what you used, then there is a clear answer to the “Should I or shouldn’t I?” question. Okay, maybe not so clear to many; if it was, households would not be holding onto as much debt as they currently are.
Unexpected bills do creep up. For most people, it happens either all at once or at the wrong time. Is there any right time to pay towards anything unplanned? These types of payments tend to eat up any of that left over income. The most frequent solutions to affording those unexpected costs is to use the money which was earmarked to payoff past purchases or to take out additional cash advances online and tap out credit. This is the main reason why so many speak so adamantly about creating savings accounts. This money will hopefully build a more sound financial future, but it will also bring relief to financial emergencies. Repaying the amount borrowed from savings is a priority. The great part of this transaction is that there will be no fees, no interest, and no due date. Of course, the practical solution would to pay it off as soon as possible as we never know when more unexpected bills may creep into our budget.
