Getting Out of Debt
When is a payday cash advance not the best solution?
When you find yourself having to depend on it month after month, a payday cash advance may not be the right solution to your needs. At PaydayBank, we want to help you control your finances, but we don't want you to think of us as a long term solution. So ask yourself, do you think of a cash advance as part of your monthly income? Or as a short-term emergency solution? The best solution is to try to have some savings: Try even a few of these tips and you'll be amazed at how much you can save.
| Our tips for finding money to save | Monthly Savings | |
|---|---|---|
| 1. | Bring lunch to work (saving estimated £2/day) |
£40 |
| 2. | Shop smart, clip and use coupons | £25 |
| 3. | Dine out 2 fewer times a month | £20 |
| 4. | Substitute regular coffee for those designer coffee shops | £15 |
| 5. | Bounce one less cheque a month | £20 |
| 6. | Pay credit card bill on time to avoid late fee | £20 |
| 7. | Save £.50 a day in loose change | £15 |
| 8. | Cut soda/pop consumption by 1 liter a week | £4 |
| 9. | Comparison shop for gas (save est. £.05 per liter) |
£5 |
| 10. | Use cellular phone less. Switch to land line | £5 |
Try to negotiate directly with your creditors. Sometimes all it takes is asking to get a lower rate from a creditor. People with big bank accounts ask all the time so don't be shy about it. You can also negotiate for more time, or a payoff schedule. Just don't be afraid to ask!
Get overdraft protection from your bank. If the problem is that you occasionally overdraw your bank account, see if your bank will offer you overdraft protection. But be sure to ask how overdraft protection works and be aware that most banks charge a hefty fee for this protection.
Contact the Consumer Credit Counseling Service. A charity dedicated to providing confidential, free counseling and money management assistance to financially distressed families and individuals or visit www.cccs.co.uk.
Apply for a loan at your financial institution.
Try to see if you can get your bank or credit union to offer you a lower interest loan to pay off debt - then plan to start fresh!
At PaydayBank, we're doing everything we can to make our payday loans the right choice... at the right time.
Debt Management Done Right
If you are serious about getting out of debt and seek professional advice - sign up to a debt management plan that will solve your debt problems through the help of our debt management experts. Apply online and we will contact you shortly to see how we can help.
