When you begin to feel the rope tightening round your neck, you start to panic. You see a notice, a poster or an ad in a paper that says, "Get Cash Now!" You investigate and you find out that you can leave the place in a matter of minutes with the cash in your pocket.
Your Credit Card
All they've done is to "sell" you a pocketful of cash and charged it to your credit card. Double mistake: The first one, to go to these "vultures" who speculate with your panic. The second, charge a loan to your credit card. However low the interest rate is, it will never be under 18%. Add to that, the "fee" the lender charged you and you're in for a blazing inferno in no time.
Even if you don't have any property or valuable item to provide as a security, there certainly are unsecured loans in the market and they are not at all expensive. If you compare it with the credit card interest and, in this case, plus the fee, an unsecured loan is dirt cheap. The highest rate you could have to pay is 10%. (And no fee)
Back To The Same Old Story
Credit card debt, as we all know, is terrible when your income will only allow you to make the minimum payments. They go on and on forever and as the song goes, "You're one day older and deeper in debt". Then, you end up "owing your soul to the credit card company".
The only solution to a serious debt situation is to forget about credit cards and take to a recognized lender for a proper loan. It will always be lighter on your monthly budget, with a longer term to repay and a normal interest rate. Whether secured or unsecured, personal loans usually have a three year plan, which is quite healthy and your monthly installments will be low enough to keep you on the safe side.
Some complementary measures must be taken as well, to help alleviate the situation. The first is to reduce spending. If you have a very packed credit card, which is why you had to resort to the unfair loan, put it away and don't use it at all until you are free of debt.
With the loan you will be paying it off, but you need to get used to spending less.
Each time you have to take cash out of your wallet, you will feel as if you were losing a part of your own self and you will think twice before spending on something that is not really necessary. This kind of action should also be accompanied by serious efforts to increase your income.
Get all the family involved. Children and adolescents should contribute, if not with a job, at least with the decrease in spending. They also benefit from the good times, don't they?
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