Many of the problems in the world financial system right now are due to the widespread misuse of credit. It all really comes down to the Art of Borrowing, and as a nation (and world) we've been going about it all the wrong way. We're borrowing way too much relative to our income; we're saving less than 0% of our earnings, and we're headed down the path to financial destruction.
The biggest indicator of how poorly we've borrowed over the last few years is the housing market; let's face it - you can't afford a $300,000 home when you earn less than $60,000 per year. It's simple math, and it's not the government's fault you can't pay your mortgage. Now the responsible members of society will pay the bills of the irresponsible in the form of tax-funded bailouts.
We have to do better next time, and doing better means using credit intelligently. Most of the time borrowing wisely means not borrowing at all, including avoiding personal signature loans and other quick cash borrowing tools. Stay away from them no matter what - even if it means taking a part time job to get by in the meantime.
I'm taking a strong stance on this issue because short term cash loans could put you in a hole from which you might never remove yourself. Their repayment terms and interest rates are usurious to say the least. Could any intelligent person really pay 100% and hundreds of dollars in fees on a loan designed to help them survive the month?
It's really never a SMART move, but there may be circumstances in your life when it becomes absolutely necessary to borrow money this way. For example, let's say that one morning you pull into your parking space at the office and you accidently dent your boss's car. And he fires you.
Of course that's not fair and technically you could sue him. But do you have the money for a lawsuit? I doubt it.
The only remaining option may be to bite the bullet and head to your local bank or loan store. After all, your mortgage company isn't going to let you skip payments just because you have a crazy boss; they have big time cash problems of their own.
The best words of wisdom I can offer you are to borrow not one cent more than you need to keep your family afloat till you land a new job. And whatever employment opportunity comes your way - take it! When people are throwing around words like recession and depression it's no time to get greedy about which job you will or won't take. - 16492
The biggest indicator of how poorly we've borrowed over the last few years is the housing market; let's face it - you can't afford a $300,000 home when you earn less than $60,000 per year. It's simple math, and it's not the government's fault you can't pay your mortgage. Now the responsible members of society will pay the bills of the irresponsible in the form of tax-funded bailouts.
We have to do better next time, and doing better means using credit intelligently. Most of the time borrowing wisely means not borrowing at all, including avoiding personal signature loans and other quick cash borrowing tools. Stay away from them no matter what - even if it means taking a part time job to get by in the meantime.
I'm taking a strong stance on this issue because short term cash loans could put you in a hole from which you might never remove yourself. Their repayment terms and interest rates are usurious to say the least. Could any intelligent person really pay 100% and hundreds of dollars in fees on a loan designed to help them survive the month?
It's really never a SMART move, but there may be circumstances in your life when it becomes absolutely necessary to borrow money this way. For example, let's say that one morning you pull into your parking space at the office and you accidently dent your boss's car. And he fires you.
Of course that's not fair and technically you could sue him. But do you have the money for a lawsuit? I doubt it.
The only remaining option may be to bite the bullet and head to your local bank or loan store. After all, your mortgage company isn't going to let you skip payments just because you have a crazy boss; they have big time cash problems of their own.
The best words of wisdom I can offer you are to borrow not one cent more than you need to keep your family afloat till you land a new job. And whatever employment opportunity comes your way - take it! When people are throwing around words like recession and depression it's no time to get greedy about which job you will or won't take. - 16492
About the Author:
If you can't offer a lender any valuable collateral, consider applying for an unsecured signature loan. Guaranteed signature loans could also be the solution you're looking for. They can both be found at Mark's website.
