Cash advances and payday loans are awesome, especially when you run into an unexpected expense that can't be put off. However, people who don't have the money to pay their loans off in one go often have to take out loan after loan just to stay afloat. This becomes a never-ending cycle for many people. They pay off one loan only to take out another before they walk out the door.
As you can imagine, this practice gets quite expensive, which makes it difficult to get out of the payday loan cycle. Fortunately, there are ways you can pay off your loans even if you don't have any extra money coming in. Following are three ways you can pay off your debt on a limited income.
Look for Ways To Make Money
If you can't pay off your loans on your income without having to borrow more money, you need to look for ways to earn more money. Look for items around your house that you can sell online or have a yard sale. If you have any special skills, such as writing, cutting hair or painting, hire out your services for some extra cash. You can even get a temporary part-time job to help pay off your loans.
Make Temporary Cuts To Your Budget
Most people pay a great deal of money for things they can live without for a couple of months. For example, cable television, gourmet coffee, and movie tickets are all things that you can sacrifice for a bit in order to get your loans paid off. And, the best part of making a temporary sacrifice is that the money you pay in interest each month for your revolving loans will soon be yours to spend however you wish.
Have a Fundraiser
Have a fundraiser to cover some of your expenses so you can put more money toward your loans. For example, if your car needs repaired, ask for funds to do so. A great way to do this is by asking family and friends, but you can also set up a fundraiser account online and accept donations from just about anyone.
The payday loan cycle is not fun. While cash advances are invaluable and very necessary, you must be able to pay them off quickly in order to avoid a financial nightmare. If you find that you can't come up with the money to pay yours off, look for innovative ways to pay down your balance. Talk to a professional like USA Cash Services for more information.