Fast cash opportunities like auto title loans are an impulsive shopper’s convenient nightmare. The holiday season is upon us and sales are rampant. If there is ever a time to try to control a spending spree, it would be this time of the year.
Filling up credit card balances, taking out payday loans or putting your pink slip up as collateral for an auto title loan are all options to spend beyond one’s means. They will also cause some serious financial problems if used irresponsibly.
If you are looking for additional moneys and there is no emergency, stop and evaluate the situation.
*Why do you need the money?
*What are all the options?
*Where will you get it from?
*When will the money be available?
*How will you pay it back?
Curb impulsive shopping anyway you can. One of the first steps with understanding a shopping problem is to acknowledge that there is one. Is there an action or scenario which triggers your desire to shop? What kinds of things do you shop for? Some people have certain brands which they focus on and the desire for a good deal sends them into a whirl. Others may target general items like clothes or shoes.
During the holidays, the sales on most every items will engage the non-impulsive shopper to spend more than normal. It is not a bad thing to want to spend extra money during the holidays. Develop a plan and stick to it in order to protect your future monthly budgets.
Those who use credit cards to shop for extras will be paying for their “deals” for a long time. The sale prices will be gone just a few months later once interest racks up on the accounts. Payday loans and title loans carry fees, but when these short-term loans are paid in full on the original due date, they tend to be more cost effective.
Using an auto title loan over a payday loan, will give you a few more weeks to come up with the payoff. On average, a payday loan will have a term limit of about 14 days whereas a title loan’s term will be for 30 days. This will give yourself a couple of paychecks or at least a few extra weeks to borrow or save the cash.
Hide the credit cards if the urge to shop is too strong. Let someone you trust keep them safe if the latter will not stop you. Use the old fashioned envelope system for cash budgets in order to keep better track of the money being spent. If the problem is so severe that you need counseling, seek out the proper assistance. Once you find the root to the problem, the healing process will help your budget bounce back.