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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Wednesday, May 17, 2006

Money Problems: Payday Loans, Pawn Shops and Credit Card Cash Advances

Sometimes we have money probels, but you need to avoid some avenues at all cost.

  1. Payday loans
  2. Pawn shops
  3. Credit Card Cash Advances
These are just 3 and they can put you in even worse money problems.
  • Payday loans are companies that loan you money so you have enough money until the payday at your job. Surely it is convenient, but they charge loan shark rates.
  • Pawn shops are seedy, but that is not you biggest problem. You are selling things that might be meaningful to you and hoping that you can buy it back before they sell it.
  • Cash advanced from credit cards can dwarf the amount of money you are paying in interest on things you bought. Cash advance rates add up fast.


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