Managing DebtsQuick pay day loans are a good way to tie you over to your next paycheck when unexpected expenses arise. However, they are no substitute for a long-term financial plan. If you find yourself needing quick pay day loans month after month, you may have a debt management problem. About Payday Loans has put together this short section about managing debt to help you gain control of your financial situation and reduce your need for payday loans to emergency situations.
Signs of Debt
The first step to overcoming a debt problem is recognizing it. If worries about your credit cards and loans are keeping you awake at night, you probably already know that you're in over your head. You probably have a debt problem if:
- You routinely spend more than you earn.
- Your credit limit is maxed on most of your cards.
- You make only the minimum payment required on your credit cards.
- You skip payments on some bills in order to pay others, or use payday loans on one credit card to pay off another.
- You use quick pay day loans for day-to-day purchases like groceries, movie tickets or fast food.
- You panic when faced with an unexpected expense, such as a car repair.
- You find yourself arguing with your spouse about money. Or, you're afraid to talk to your spouse about money at all.
- You’ve recently been turned down for credit or a loan.
- Creditors are calling you about overdue bills.
- You're unsure about how much you owe or what may be on your credit report.
- You’re thinking about filing for bankruptcy.
How to Get Out of Debt
The Debt Counselors of America have suggested these five easy steps to get out of debt:
- Stop Incurring Debt - Cut out unnecessary spending and avoid impulse buying.
- Track the Cash - Keep a running balance sheet of every expense you make so you can pinpoint areas where you need to cut back.
- Don't Expect Instant Miracles - Getting out of debt will take discipline and time. Be patient and stay focused on your goals.
- Plan for the Future - Set achievable goals such as spending less that you earn each month, and making regular deposits into an investment fund.
- Seek Professional Help - Debt Counselors of America assist consumers with their financial problems. Call 1-800-680-3328 to request information or visit their website.