The Top 4 Loans To Avoid
We help hundreds of Dallas area residents file bankruptcy every year, and while each client’s story is unique, we tend to see common financial mistakes. No one plans to end up buried in debt, but with certain decisions, you’re more likely to end up in financial trouble.
Once your financial picture starts to look dim, it’s easy to accept the fast cash offers that companies offer. You’re late on bills, your mortgage, your car payment – so quick easy money seems like a great solution. Unfortunately, these quick loans end up sending you further down the road of no return.
So, we wanted to share the four types of quick cash loans that you should avoid:
1. Cash Advances
Almost every credit card offers a cash advance – where you can just walk up to an ATM and pull out cash. Yes, it’s immediate money, but you’re actually just adding to your accumulating debt. Even worse, the cash advance usually includes extra cost. You’ll be charged the standard interest rate on your credit card, and you’ll also have an added cash advance fee of 3% to 5% of the amount you withdraw.
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