With the growing problem of credit and budgets already tightened until “it hurts,” can a payday loan be a port in a storm? Of course, if you are among the unfortunate who have just been laid off or terminated from your employment, it’s certainly not a viable option. For those employed though, who are fairly secure in their jobs and still receiving a paycheck, pressing debt can be made less stressful if there is the possibility of borrowing money against your next payday. The key here is to utilize this type of service in a very responsible way.

Staying Realistic About Debt

It’s very important to keep in mind that more borrowing is not a wise solution to a financial problem that, more than likely, was caused by borrowing too much in the first place. The economic downturn that we have been experiencing has hit everyone in one way or the other. It’s tough to make some of the bills on time. For someone who has had a bad month with some unexpected expenses, i.e. illness, car repairs and the like, a payday loan could definitely be a handy “quick fix” for getting a bill such as a house payment, or car payment made in a timely fashion. However, it’s important to remember that acquiring payday loans on a regular basis is not a cure-all for problem debt.

Set up a Budget

If these horrendous financial times have not already encouraged you to do so, now is the time to set up a budget. Look for realistic ways to cut down on spending. For example, if you have been eating out twice a week, cut down on this expense. Eat out only once a month, making it a family event that everyone looks forward to. Make a list of things you need when you run errands and try to make less trips back and forth to the same locations. This will cut your gasoline expense. If your family enjoys going to the movies, try renting a movie every couple of weeks and it will seem more like a treat. And put a limit on how much you will spend on groceries each week. Plan your meals and make healthy choices including vegetables, fruits, and more economical proteins such as chicken and cheese. Give each family member a chance for input on preparing their favorite dish.

Tightening the “Financial Belt”

As discouraging as it seems, you are not alone in this crisis. In the final analysis, many thousands of families are struggling to make “ends meet.” If you are still employed and are in a position to apply for a payday loan, you are ahead of some.

Cut expenses to the bone

Think of new and innovative ways to “stretch that dollar” and once you’ve come up with a budget that you can live with, stick with it. Don’t be tempted to take too many of those payday loans. There is no easy money, and there is no free money.

This financial crisis will not last forever, but there are no current hard and fast solutions that have been found to bring about quick change.

While unsecured personal loans have been around for a while, there are other options investment firms are trying to bring to the economy. Wall Street has plans to save the market, invigorate the economy and quell peoples’ fears of investing. But are they realistically able to reach the novice investor or help his financial situation? A lot of their solutions play on people’s need for security and impulsive nature, rather than truly create ways for everyday people to pay off their soaring bills.

Wall Street and the common man

Chief Investment officer of GenSpring Offices, Andrew Mehalko said, “When people are fearful, Wall Street comes out with products that try to make them feel good by promising safety.” He states that this year ‘principal-protected notes’ are expected to be hot-selling investments. The big promise is that they protect your initial investment and may produce an increase in value. Taking a closer look at these notes however, brings to light their true nature. Sure they will return your investment, but they also have hefty fees that can cut into a large part of the ROI you may have gained. Remember the old rule of thumb when investing: low-risk, means low returns. Though the promised security of principle-protected notes can be attractive, they probably won’t give you the investment value you are looking for. If your purpose was for them to grow your money so you can pay off more bills, you may be sadly disappointed.

Typical reactions to the local news

A lot of casual investors are obsessed with the latest financial news. It’s good to be informed, but focusing on every change in the market can be detrimental. Trying to navigate every up and down the economy brings can be tiring and can cause you to lose money. We have a volatile stock market, a fluctuating bond market and a recession to deal with. Keeping up with all three can prove a harrowing experience for even the most seasoned investor, much less the novice. If you’re trying to respond to immediate changes, you may be left with an investment, less huge deductions in trading expenses. Do yourself a favor and stop watching TV and reading newspapers in an effort to find a way to pay your bills.

How do you pay bills in this economy?

An unsecured personal loan may be the most reasonable way to go. Let’s say that you took a pay decrease at work. Though you’re bringing in less money, your bills are the same. What should you do? Or, let’s say that your car breaks down and you need to find the cash to pay for it immediately? More and more people are looking to personal cash loans, rather than trying to play the market, to meet their financial needs. Although Wall Street is trying everything they can to help consumers, many of their solutions are one-sided and force the investor to use any money they would have earned, on fees. It’s a better option to look for loans that have reasonable interest rates, clear-cut rules and can still adequately pay off your bills.

Will the economy revive?

Although the economy is in a recession, it will revive but not without a lot of restructuring and rethinking investment processes. A lot of people relied on Wall Street for their investments, and this is proving to be a trap in today’s market. Wall Street has its own agenda that isn’t necessarily looking out for individuals who need to pay their bills. To truly meet your financial needs and stay at an advantage, an unsecured personal loan can be a much more reliable solution.

The credit crunch has made it harder to secure a personal loan or be approved for a credit card. Now, more middle-income families are turning to payday advance loans. These short-term loans can be a savior in a financial emergency. However, if you find yourself having one “financial emergency” after another, you might need more than a quick fix.

The payday advance loans cycle

Americans don’t have a very good track record of saving money, and many of us were already living paycheck-to-paycheck even before the recession. Now more people are finding that their paychecks aren’t lasting as long. If you are using payday advance loans to pay off regular bills, it’s time to re-evaluate your spending. Also, paying off one payday loan with another payday loan is a sure sign that you are stuck in a cycle that needs to be stopped.

Timing can be everything

Many borrowers take out payday advance loans to ensure that they pay their bills on time. This is a good idea because late payments can hurt your credit. However, if you have done this several times, it is time to set a new course of action. Call your cable company, utilities company, phone company, etc. and try to negotiate a different due date.

Buy the important stuff first

If you find that your money isn’t stretching far enough, make sure that after you get paid you buy the most important things first. I’m talking bare necessities: food, shelter and medical care. Make sure you keep track of your bills and if you can pay for things like housing and electricity early, do so. If it looks like you won’t be left with enough money to pay your cable bill without payday advance loans, it’s probably time to cancel your service.

Baby expenses that I didn’t plan on

I’m trying to pay for everything with this new baby. The Insurance will cover some of the hospital costs, but there’s the deductible and co-payment.   Then there are the other incidentals that are adding up, like an endless supermarket check-out slip. And then when I commented on the costs to some wise-guy grandfather who was visiting his daughter in the next bed, he said, “Don’t worry, young feller, the costs will start tapering off when she’s about twenty-seven.” Just the kind of encouragement I need at this moment.

Motherly instinct doesn’t pay the bills

I am excited to become a father. A bit frightened too. Diane is ecstatic. This is what she was born for, to be a mother. You can see it just by the way she holds the baby. I mean, she’s never held a baby of her own before, so how does she do it so naturally? That must be what they call motherly instinct.

Naming the baby

We can’t keep on calling the baby ‘she’ and ‘her’ and once so far, I’ve even called her ‘it’. Did Diane get upset or what? I got an elbow in the ribs. So the hunt for a name is on, and I’m being my usual difficult self.

We are sitting at the kitchen table and I say, “I want the name to suit the child.” It’s not easy to explain, but I do my best. “Well she’s not a Rose or a Gladys and definitely not a Cynthia–anyone can see that. First of all she’s a modern baby and those are all names from years ago. She should have a name that’s up-to-date, like Lisa or Allyson or Samantha.” Diane looks at me blankly. She’s not with me. This is going to be tough one, but I am determined that my child must be comfortable with her name.

There’s a tap at the door and Diane’s mother (the mother-in-law) walks in clutching today’s mail. “Looks like they’re all bills, Pete. I hope you can pay them.”

The bills keep rolling in

“Me and a payday loan will manage between us,” I assure her. She looks anything but assured. It figures, her name is Gertrude Agatha. See what I mean about names?

Still trying to name the baby

“There’s a woman in the office whose name is Seven,” I tell them. They look at me in amazement. “I asked her about it and she explained that her father thought it unfair to impose names on his children, so he called them One, Two, Three and so on. Children One to Six chose names for themselves when they got to college but Seven says she had gotten used to her name and even got to like it, so Seven she is to this day. See, I’m not the only one being difficult with names.” Diane throws up her hands and says, “Okay, Pete. It’s all yours. You choose the baby’s name.”

The end of the month

The bills have stopped rolling in. My paycheck covered about a quarter of the bills I have to pay. I filled out the form on the internet and sent it off to Personal Money Store and the money from the payday loan should arrive in my account tomorrow, about the same time as we blow out the single little candle on Samantha’s tiny one month birthday cake.

The bank manager leads the attack

There’s a war raging all around me. Most of it is money based. Will a payday loan help? I have searched everywhere and this looks like the best bet. The guys in the office all use it and swear blind that it’s the ultimate solution to an empty pocket. I was already thinking about prying an ATM loose and taking it home. I will try the payday loan system.

Leading the onslaught is my bank manager. He is constantly threatening to cut me off, whatever that means. What, from my overdraft? He wouldn’t dare! How will he explain this to his boss? So I live on an overdraft– I’m used to it and it doesn’t bother me anymore. I don’t understand why the bank manager is permanently hysterical.

My boss is in the front line too

Whenever I close my eyes, I picture the angry face of my boss. Not the general manager of the company but the head of the engineering department. He is only midway up the ladder, but he is still my boss. I guess he hates me because he feels threatened by the fact that I am the best engineer in the business and the fact that I am continually borrowing from the petty cash box.  I pay back the small loans regularly and it’s usually only on Fridays that I ask for a little something to get me through the weekend. Do you know what a game of golf costs these days?

In my opinion the petty cash box does a sterling job. It is there to be used and I make sure of that. How would you like to manage a library and hate the people who borrowed the books? Same thing, right?

Mother-in-law is the company back-up

My mother-in-law doesn’t like me. It’s mainly because I married her daughter and fathered her 3 gorgeous grandchildren but it’s also because I borrowed from her to buy the new car and I am a little slow in paying her back. She really gets to me and I have made up my mind to apply for a payday loan and get her off my back. Next month, for sure…

The rest of the battalion

There are a whole slew of guys out there crying for my blood and it’s all about money. I was at the lotto kiosk when Fred from up the street walked up. I suggested we split a ticket and he agreed. We bought one, we never won and now he wants my half. Okay Fred, I will cough up one of these days or perhaps I’ll pay for your half on another ticket sometime.

The vicar says I haven’t contributed to the New Roof Fund. I designed the new roof over the church for no fee and now he wants a contribution? Okay vicar, as soon as I can I’ll come over and see how the roof is coming along.

I surrender! Where do I apply for a Payday Loan?

My mind is made up. I am looking for a life of peace and serenity without phone calls and nasty letters. If I use the payday loan money carefully, will everyone please leave me alone?