WHEN GETTING A LOAN MAKES SENSE

Introduction

Anyone can suddenly find themselves in a situation where they are struggling financially and sometimes we just need a little leg up to get over a hurdle.

The Problem

It's a sad reflection on our society these days that the forty year, five or six day, nine to five (or more) grind is more akin to slavery than life should be. It gets worse of course if you find yourself slipping behind on payments, due to something unforseen like a medical bill, a car break down, sickness or similar. Then the screws really begin to tighten and not only on a financial level, but on an emotional level too. You dread seeing that next utility bill or credit card statement in the letter box and you begin ignoring the phone. Your credit cards are all at their limit and you have no idea what to do about it. It's about this time it begins taking a toll on your health too. Imperceptably at first but gradually increasing stress puts a strain on everything else.

Families really suffer in this situation. Food is harder to bring in every week, without even thinking about the simplest of luxuries. A night with the wife in a resturaunt is a long way off when you can'teven afford a takeaway burger. If anything will rip a family apart it's financial stress. Sadly too, it's normally no reflection of the type of people that suffer from it. It can happen to a hard working couple, or even someone middle class.

A credit card isn't the solution of course, and it's quite likely that the high interest rates and easy obtainability of credit cards is one of the main contributors that put you in this situation, especially if you have multiple cards, as is often the case. Often people are tempted to take one card to the limit to pay off another but this just makes the situation worse as they are still deeper in the hole with a high interest rate dragging them down. If feels never ending. I know it feels that way becauseI have made the same mistake too, just as many, many others have and will again.

The Solution

The solution will never be found in a credit card as the interest rates are just too prohibitive and mean you will never get on top again. Truth is they are deliberately designed this way as a trap to get most average people into the never ending cycle of debt. What you need to to is to find a way to be rid of the credit cards completely. To pay them off, cut them in half and never apply for one again. The solution is to consolidate using a personal loan, pay off all of the credit cards and maybe take the wife or husband out for that meal to celebrate.Even with a bad credit rating, some personal loans are still attainable. Yes you will still pay slightly higher for the priveledge if your credit is a little shaky but it's still a much lower interest solution than those credit cards.

Please make yourself one little promise and stick to it though.....That you will cut those awful credit cards in half and never apply for one again.

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