No one wants to live in debt. That feeling of living paycheck to paycheck, with a dependence on short term loans is not a good one. Let’s look at some of the reasons that are causing this dependency.
If you don’t have a budget or you have one that is not airtight, then your spending may lack any proper direction and you are more likely to buy things you don’t actually need. This causes the money to run out before you even reach life essentials, and as a result short term loans become your solace. Streamline your budget and be smart in your spending and you will not have to rely on loans.
If you don’t have savings stored up for a rainy day, in the light of a financial emergency you may turn to a short term loans. Form the habit of having a separate savings account and depositing funds into it to help you cater for any unforeseen financial emergencies.
Credit cards are one of the reasons that millions of people are in mountains of debt without an emergency fund to save them. If you are fond of using credit cards and the best you can do is make minimum payments, the consequences will not be good for your finances, and you may find that you will need to rely on short term loans on a number of occasions.
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