Don’t get yourself tangled with too much cash advance debt. The young generation has fallen into some financial errors that keep them in debt. They struggle to start life on the right foot and it’s hard to recover. Besides the overuse of credit cards and a cash advance, many will have student loan debt to burden their starter income. It’s no wonder that young people remain living with their parents for more extended periods.
Cash Advance Money Distractions
Let’s blame it on third party money; at least, it will feel much better. We can point our fingers at the payday lenders rather than taking responsibility for not training our kids well enough concerning financial matters. Menaces like credit cards and fast money with cash advance loans. So many tricky offers to get us to spend, rewards to collect based on purchasing power, or saving money on items we would have never bought without the discounted offer. Temptation after temptation fills our headspace. Credit card marketing strategies go to the jugglers. People who have limited knowledge of the harm credit card usage can infringe upon monthly budgets.
What About The Fast Cash Stores And Online Cash Advances?
It’s simple to obtain a loan, and the fast payoff keeps the need for continued credit card use on the back burner. At least the young people might think that way. What ends up being the problem? Making payments are the problem. Here are some questions to really think about. It could make a difference!
- Do the young generations understand the consequences of late or missed payments on their future financial needs? Making timely payments matter!
- Are you making only the minimum payments? This will not make much of a dent on the balances. We think that when we make a minimum and continue to use the credit card, we will be fine.
- Are multiple credit accounts necessary?
- Does the cash advance have to be paid on the original due date? The lender says it is no problem to extend my loan. (More money for them, more money that you pay in the long run)
- Should I just wait until they begin my student loan repayment to start paying? “I have six months before I need to start paying towards my student loan debt. Let’s wait.”
Finances 101-Learning The Hard Way
Life experiences and financial struggles are what teach us the hard way. Too many lines of credit opened in a short time will affect a start-up credit history. Here are some bad strategies to maintain a good credit score and deep afloat financially: 1) Spending the full balance 2) Not having a reasonable budget plan to follow and 3) No savings. It also increases the risk of needing cash advances for everyday living costs. The upcoming student loan payments increase the financial burden. Going bad on student loans is messing with the government, and I don’t recommend missing one of those payments. I don’t recommend missing ANY payments. Learning the hard way may be a bit inconvenient to a fun lifestyle, but the sooner you can crawl out of the smaller hole, the better.
Envision The Bigger Picture
Look ahead at what you will need your income for. If you don’t already have an apartment or need to move to another, your financial records will be assessed through your credit scores. Late or missed payments are not looked upon keenly by new landlords or any creditor for that manner. Plan on settling down with a family? Think you may want a home or need a second family vehicle? All those applications will highlight your financial past. Seven years of bad luck from a broken mirror are nothing compared to seven years of lenders turning you down for poor financial management.
It’s Not Too Late
Keep your credit card debt low, and save as much as you can before your student loans kick in. Similarly, keep away from cash advances and start your adult life out on the right foot. Maybe this might explain why so many youngsters live with their parents after their secondary education comes to an end. If that is your case, do it upright and put that money away for future needs. Get tough with yourself and live within your means. You have heard it a million times, now do it!
