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Payday Loans: Eliminate Credit Cards And Borrow Short-Term?

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Payday Loans: Eliminate Credit Cards And Borrow Short-Term?

Author : Laura J Solomon   Top Author

Submitted : 2014-01-07 02:17:42    Word Count : 781    Popularity:   Not Rated

Tags:   payday loan, payday loans, online payday loan, online payday loans, payday loan online, payday loans online, payday loan lender, payday loans lenders

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We are now in the throes of the holiday season, leaving many of us wondering how we will "finance" Christmas, Hanukkah, Kwanzaa or the like. For many, that's where credit cards come in. Having the option to purchase that one and only gift or take advantage of that sale price before it's too late entails having the financial means to buy "in the now" but pay later.

Would it be easier, though, to get rid of the credit cards all together and consider a short-term loan just to get through the purchasing process but forego incurring long-term revolving debt? Payday loan lenders offer access to fast cash but usually require it to be paid back with your next paycheck. With that in mind, consumers can buy those much desired items and give themselves a little but of breathing room before forking out the cash to repay.

If you are thinking about getting rid of your credit cards altogether (and are in the position to do so because you don't carry a balance) you may want to consider the pro's and con's and then consider whether revolving credit or short-term payday advance loans are best for you and your finances.

The advantages of getting rid of your charge cards are several. The first is a no brainer: you will no longer hold credit card debt. The temptation to use credit will be no longer be, especially if you are someone who tends to charge more than you can pay off. If you use cash, you will spend only what you have at the time. If you do borrow short-term from a payday lender, make sure you are able to pay back the entire loan with your next paycheck or you will defeat the purpose of borrowing this way in the first place.

Getting rid of your credit cards may also help you make better decisions when it comes to making purchases. Credit cards afford many people the ability to buy something that is expensive and couldn't be afforded should they pay cash. If you pay with what you have at the time, you will most likely consider the cost of the item first. Perhaps one of the biggest advantages of losing the plastic (figuratively speaking) is the stress and worry that comes along with having credit card debt. Keeping low balances, making payments on time, and living a debt-free life are all reasons you may incur more financial stress than you want.

So with all of those good reasons to leave the plastic out of your wallet, what could possibly be a disadvantage of cutting up your cards and saying goodbye to your creditors? For one, booking a reservation with a hotel or car rental company can be pretty hard to do without a credit card. That goes for cruise ships and airlines as they link to your credit cards for a variety of purchases.

Credit cards are also good for protecting yourself from fraud. In other words, while debit cards do offer some protection if stolen and/or are used for fraudulent purchases, credit cards offer extra security if you purchase an item that is different from advertised. The same holds true for situations of theft. If your checking account is drained chances are you will not get your money back but if someone fraudulently uses your credit card(s), you will not be responsible for any unauthorized charges.

Another benefit of having a credit card is the security you have when encountering a financial emergency. Having a credit card tucked away can get you through the loss of a job, a major car repair, unexpected healthcare costs, or a last-minute purchase that isn't supported by your back account. Perhaps the best reason for having a credit card, though, is to build credit history for future purchases. When it comes to buying a home or automobile or taking out any other type of credit line, how much you are granted and what kind of interest rate you receive all depends on your FICO score. Having credit cards and making good on the payments (as well as keeping your balance below 30%) is one of the best ways to ensure you have a good credit standing when you want to borrow money.

Whatever route you choose to take when it comes to paying for your purchases, remember that what really matters is whether or not you are able to pay back what you borrow. If you don't want to take a chance on being bogged down with long-term credit card debt, consider a fast cash advance for temporary use but only if you know you can pay back that money with your next paycheck!

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Approved Money Center offers fast loans when you need quick cash. Visit ApprovedMoneyCenter for more information on how to obtain a short-term online payday loan.

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