Are people over the age of 55 in debt to online payday loan companies? According to Primetime Retirement, a retirement income specialist, this age group is falling deeper into payday loan debt as inflation takes over their retirement income.
Why Do People Turn to the Payday Loan?
Living on fixed expenses when the cost of living continues to rise has created large amounts of credit card debt. Once that money option has been maxed, this age bracket of people then have to start turning to online payday loans and cash advances. When medicine is needed unexpectedly, there is no waiting. Fast money will take care of the problem, and the rest will have to be worked out later.
What options are available besides contacting a direct payday loan lender?
The bankruptcy rate for the elderly has been increasing due to their limited finances. When living on a fixed income, what options are there for making monthly expenses work?
- Choosing a payday loan online will give quick access to cash to help out with the extras that pop up. These loans are of high interest with a fast payoff. These loans can get expensive when not paid off in time.
- An auto title loan could help to offset a pricier emergency. The interest is high, and not paying off the loan could make you lose your car.
- Bank or credit union loans are possible, though it will be difficult to get if credit card debt is already high.
- A reverse mortgage could help the situation out if a homeowner. The home’s equity could then be used to take care of the debt to free up monthly income for other needs.
- Reworking a financial portfolio and selling some stocks or cashing in on other investments will bring some cash. This process is not overnight but would work great to pay off a direct lender loan if fast cash is needed.
- Picking up a side job will boost a budget. There are money companies that hire older persons part-time. Another option would be to take advantage of a skill you may have and work for you. Maybe it is making a craft and selling it at an open market or online. Babysitting, pet sitting, or even house sitting are all easy ways to earn some extra money. Try to find something that you enjoy doing; it will seem a lot less like work.
Any Signs of Economic Relief?
This economy is not showing any signs of relief. The struggles with money for all age groups continue, and there is no perfect solution to get out of debt. Each person’s financial situation is different. Educate yourself and find one which will work your finances. Get some help if you find yourself confused or overwhelmed. Maybe you have a son or daughter who will meet with you and look over your finances. Explore all your options.
- Will a direct payday loan lender help?
- Do I want to put my car at risk with a car title loan?
- Is my credit good enough for a bank loan?
- Do I have any more room on credit cards?
- Should I consolidate my debt by refinancing my home?
- Would third party debt consolidation work best for my situation?
- What is debt settlement?
- Am I at the point where I need to pursue the bankruptcy route?
Be Wise With Your Financial Options
Make sound decisions based on educating yourself on financial options available. Once you have narrowed down your choices, make the changes rather than do nothing. Since you have come to the bottom of this article, it’s time to make a difference in your financial debt. A payday loan is a possible solution as long as you use the funds for a short time. The faster you pay off that cash advance for the emergency funds, the less cost it will be. In the long run, the better off you will be.
Beware of Getting a Payday Loan if You are On a Fixed Income
If you are on a fixed income, don’t get caught up in the vicious cycle of payday loans. You will not be able to afford these interest charges that come with the short term payday loans no matter how low the rate is. Some drastic changes and assessment need to be done if you find yourself drowning in debt. The payday loan alternative will not be the solution.
