Comments on: Top 3 Measures You Should Never Resort To In This Down Market

By: Diaper Cake Becca

Diaper Cake Becca — Mon, 17 Nov 2008 23:22:45 +0000

Pay day loans are simply horrid and should be made ILLEGAL. They are bad for the community, bad for the family and bad for the individual. These businesses take advantage of people already down on their luck.

If you are low on funds and it isn’t just a short term situation: scale back your Cable TV subscription, stop eating out, buy 2nd hand or USED clothing at Goodwill or Ebay, grow your own veggies and herbs (kids love this sort of thing), Stop going out to movies, Make a list and stick to your list when shopping, turn off the lights, drop your thermostat five degrees and wear warmer clothes inside, set realistic goals to save up about $20.00/week to use as your EMERGENCY FUND should you need it, combine all trips in the car into one and stop taking the car out multiple times in a day (like on the weekends)will help save gas, put a padlock on your oil tank if you have an oil furnace and deter anyone looking for take a little of your for themselves (happened to my grandma, it could happen to you!).

I lived on the tightest of tight budgets for a year with my two little girls. We had no cable, no high speed no movie theatre trips and no luxuries. Instead we had stories read, songs sung, dances danced and REAL TIME with each other. I would not change a thing about that year. Every night we slept with hats on our heads and set the thermostat down. When it was warmer we went outside to play and my girls learned to chase butterflies, pick wildflowers and play with wild abandon (I got a refresher course, too!).

There were times when I just needed a hundred bucks or so……when it was just so tempting to go to a pay day loan place. But I didn’t and I am so glad. I might have gone without for a few days….but when that paycheck was in my hands the ENTIRE amount was mine to spend as I needed to. I owed no one and there were no sharks circling around my checking account.

Resist these places. Hit up your friends before resorting to this. Better yet….figure out where you are overspending and plug that hole ASAP. Pay day loans are an easy fix that encourage over-spending. We are in the economic situation, as a nation, because we have forgotten how to live within our means!

By: the cooker

the cooker — Sun, 16 Nov 2008 16:06:57 +0000

20+ years ago, I can remember our grocery budget of just $20. Of course that isn’t practical now but the practices are the same. Cook large pots of pasta, chili etc. This will give you several days of eating and help stretch that grocery budget.

By: Phillip Jeffries

Phillip Jeffries — Thu, 23 Oct 2008 01:49:06 +0000

Very true post. People are always looking for the so called next ‘need’ and never save, then wonder why they do it tough. It’s all about sacrifice and separating ‘need’ from ‘want’ as you, say.

By: Angela

Angela — Tue, 21 Oct 2008 19:27:55 +0000

In times like this is where you have to get creative. I have never used any of those place, but have had very bad credit problems and such. We also live on a small income and some of the things we have done is… My grandpa went to a store and asked for all the dented and open stuff that they are going to be throwing away. we get to take out what we want and the rest goes to the food shelf. There is so much stuff they have to throw away because they can not sell it. Also my dad works for an apartment complex and everytime some one moves out they have to clean out the places. Lots of pleople move out and dont take all there stuff. It has to be held for a certain time, but then after that they usually throw it away. It is crazy. There is so much free stuff out there, it is just finding it.

By: caryn verell

caryn verell — Tue, 21 Oct 2008 19:03:28 +0000

my sister in law and i were discussing these three bad things just this weekend over coffee….we are in ne miss…the title loan places in town are full up on cars..we live in a little bitty place but counted at least ten of these places just in town-no wonder folks in miss. are poor with these predatory practices taking serious advantage of them. unfortuneatly it will be awhile yet before many of these people learn that they would be better living off of beans and cornbread then going to these places for a loan.

By: karla (threadbndr)

karla (threadbndr) — Tue, 21 Oct 2008 17:23:29 +0000

It’s rough if you don’t have a rainy day fund and a stocked pantry, that’s for sure.

I think I’d sell blood before going to a payday loan place.

By: Carol

Carol — Tue, 21 Oct 2008 14:20:22 +0000

I am so feeling that crunch right now. Specially when this weeks paycheck has just turned into next weeks paycheck, since without warning my company has decided to go from weekly to bi-weekly payroll.

I am blessed to have a full freezer and pantry, so the first thing to go on our part is the grocery store. I will go to the local farm for fresh fruits and veggies and milk. That will save a few bucks this week. If I do have to go to the grocery store, I will make a list and stick to it. And also do a once over before you check out, because there always seems to be 4 or 5 things you can live without.

I make sure any bills that will get a late charge get paid first, and will just make calls and put off the ones that I don’t get charged a late fee on and won’t affect my credit. Most companies are willing to work with you if you call before it is late.

Now is a good time to clean out the kids toys, your old clothes, anything that you can sell on ebay, craigslist, or some other sale site. You might be able to scrounge up a few bucks on some things that are just collecting dust.

By: Vera

Vera — Tue, 21 Oct 2008 13:30:27 +0000

Payday advances are scary. I’ve heard some horrific stories from people with many different incomes.

So far, in South Carolina, the industry(which makes a mint) has prevented any reform, and it it helping to keep a poor state even poorer.

By: Mom of three

Mom of three — Tue, 21 Oct 2008 13:29:36 +0000

Tom,
A low interest rate credit card (used only for emergencies) would still be a better financial decision than payday loans. Especially if you know you are going to have the money to pay it off in full in two weeks. Mine has a 30 day grace period, so I pay it off at the end of each month and haven’t paid interest on it in over a year.

By: Badbadivy

Badbadivy — Tue, 21 Oct 2008 05:38:18 +0000

Ha. Ha. Ha. Ha. Ha. Ha. Ha. Ha. Ha. If only you knew JUST how long I have lived paycheck to paycheck, Tom. I survived with 2-3 kids for 5 LONG years on less than $30,000 combined income. Trust me, I know what it’s like to be flat broke, I lived it. And let me tell you- I’ve been down the payday advance road, although it was a LONG time ago, so I definitely know of what I speak.

Overdraft fees? Try not writing out more checks than money you have in the bank. Besides- bounced check fee at my bank? $29, unless you have overdraft protection. $10 with overdraft protection. Both options are still cheaper than check advance fees.

If you wanna go to a payday advance place, go right ahead. But that doesn’t make it any less a terrible financial decision.