16 septembre 2013 ~ 0 Commentaire



When faced with a bottomless well of bills and an empty bank account, a credit card cash advance or payday loan may begin to look like a beacon of light in the dark shadow of debt. The convenience of these advances make them easy to access, providing a proverbial financial light at the end of the tunnel.

However, more often than not this light is an illusion-a flickering, energy inefficient strobe that fades before it fully illuminates, leaving the borrower in a darker place than where he started. Credit card companies often charge convenience fees and high interest rates for these services; thus, utilizing credit card advances to lighten the load will only temporarily brighten the borrower’s financial situation. At the end of the day, the borrower pays significantly more money than the cost of the original bill, further obscuring the possibility of reaching financial enlightenment.

Don’t be blinded by the temptation of convenience. Though a credit card cash advance may be the necessary flash light to get you through an emergency situation, the batteries will die out long before your debt does. Instead of relying on such services, examine your finances with magnifying glass like closeness and create a reasonable budget.

*When creating a budget, the most important characteristic is honesty: be honest with yourself, with what you spend, and with what you need. How much do you really spend on shoes? Do you really need a new iPod, or do you simply want one? Distinguishing between needs and wants is the first step to financial enlightenment.

*Before you can start an honest budget, you need to know how much you spend and what you spend it on. Shine a light on your finances by calculating all your recurrent, monthly bills, such as mortgages and loans, utilities, insurance, etc. Then filter through your bank statements to see how much you spend on fluctuating bills, such as eating out, shopping, gas, and groceries. Having a sense of where your money actually goes will help you to more clearly see you budgeting needs.

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