Suze Orman’s Advice on Payday Loans

Suze Orman’s Advice on Payday Loans

What Suze Orman Says About Payday Loans

On her website, Suze Orman’s thoughts about payday loans are clearly expressed. Understanding that most people find this option a lifesaver when they are in dire straits, as part of her Get Out of Debt Special web section, Suze Orman admits that there are times when payday loans make good sense. However, she also stresses the importance of repaying payday loans and, especially, paying down loans with high interest rates. She even encourages those who are able to utilize funds from a 401k account to do pay loans down, when necessary.

Debt Should Always Be Handled Responsibly

While payday loans can be a timely help when a person needs it most, there are a few things that should be analyzed when a person finds themselves considering this option. To begin with, how is one’s current income being spent? Experts like Suze Orman and others all agree that most people are in debt as a result of poor spending habits, relying too heavily on credit and as a result of mismanaging their income. Payday loans exist in order to help a person get out of debt. However, one’s debt can be increased and their credit damaged if payday loans are not responsibly handled. Before taking the lifeline offered by a loan until payday, one needs to closely scrutinize why their income is not adequately covering their expenses. And, where necessary, make adjustments so that regular income is sufficient.

More of Suze Orman’s Advice on Payday Loans

Suze Orman’s advice on payday loans also includes comparing the option of taking a cash advance on a credit card in lieu of a payday loan when possible. Orman’s recommendation is based on scenarios where the interest rate on payday loans being offered may be higher than what a person can comfortably repay. In terms of repayment, a person in debt should always choose the option that is the most comfortable for them. However, for those who cannot access a cash advancement on a credit card, payday loans might be the best option in order to meet one’s financial obligations.

Financial Freedom is Within Reach

Besides offering words of wisdom on payday loans, Suze Orman’s strategies for getting out of debt should be studied closely, as should the advice of other financial experts. Far too many individuals live stressful lives that are consumed with debt-related worries. However, information and educational resources that support better financial management abound in today’s marketplace. Those who find themselves relying more and more on the assistance of payday loans should educate themselves on debt reduction, personal finance and credit repair, when necessary.

Cash Advances Relieve Debt, Not Responsibility

Payday loans are understandably a very helpful alternative for those in serious need for fast, hassle-free financial relief. Many cash advance companies lend money without requiring a personal credit check. In many cases, all that is needed is proof of employment via recent pay stubs in order to obtain a personal loan. As Suze Orman’s books and appearances always highlight, however, being educated on handling one’s own finances is crucial. Payday loans offer relief, but only when they are obtained and repaid as responsibly as all other debts.