National Foundation For Credit Counseling Reminds Consumers That Bad Financial ...

Washington, DC (PRWEB) November 14, 2011

The Great American Smokeout on November 17th is a day dedicated to helping consumers overcome their addiction to the smoking habit. The nationwide event encourages people to put down their cigarettes in favor of a healthier lifestyle.

The National Foundation for Credit Counseling (NFCC) also supports a healthy lifestyle, one which includes financial health. “In addition to the known health risks associated with smoking, it is also damaging to your pocketbook,” said Gail Cunningham, spokesperson for the NFCC. “A pack-a-day- habit can easily cost $150 per month, often taking money from priority expenses such as housing, groceries or gasoline.”

Smoking certainly isn’t the only habit that can be costly to a person’s financial well-being, nor is it the only one that can become addictive. In this economic environment where consumers often struggle to make ends meet, they may resort to desperate measures when in need of money. Since quick fixes are often habit-forming, the NFCC recommends evaluating the following behaviors, giving consideration to kicking their own financial addictions.

Payday Loans - On the surface, getting the needed cash may seem worth it at any cost. But it’s that cost and the addictive nature of seemingly easy money that can become financially back-breaking. To obtain a payday loan, the borrower writes a post-dated check for the amount of the loan plus any fees the lender tacks on. They then receive the amount of money initially requested, promising to pay back that amount plus the fees. The term of the typical payday loan is one to two weeks, at which point the lender cashes the post-dated check. Most payday lenders will charge a certain dollar amount per $100 borrowed. For example, they may charge $15 for every $100 they loan. Thus, if $300 is needed until the next paycheck arrives, the post-dated check would be for $345. What’s $45 when $300 is desperately needed? Here’s the catch…that $45 represents an Annual Percentage Rate of 390 percent. Most people wouldn’t dream of taking out any other type of loan with triple-digit interest. And, if this isn’t bad enough, many consumers cannot repay the loan at term, and end up rolling it over, thus adding on more fees and interest.

Payday Loans Bad Credit Ok

“How easy is it to obtain a pay day loan?” you may ask. Well the operation of applying for fast payday advances is quick and very simple. All a person needs to do is to find a cash advance lender, apply for a pay day loan online, and within a handful of seconds he or she will receive notification of the outcome of their application.

Advance payday loan are easily approved with a very fast turnaround time. Arranging the payment is one essential consideration and would therefore be strictly followed to avoid engaging in debt. Advance pay day loans are around for anyone who is over 18 yrs . old. Generally these plans are supplied to those who’re employed and creating a banking account with a decent personal credit record.

They’re unfounded myths easily utilized by anti payday lenders to create people deny themselves of an chance to find solution to their immediate financial need. Payday loan aim at working class people that need a lifeline before the next pay day. It is a two weeks short term loan, which cannot accumulate the high quoted APR of 391%.

Internet websites could make the web cash advance firms compete over the loan and so you can actually select the one that surely could offer you the hottest deal. Going thru a multiple bank site will save you time and money and they have consistently offered patrons the most effective market rate available.

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