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Payday loan vs.Credit cardPayday loan vs.Credit card
rbrep said: "Americans are increasingly finding themselves in debt. You do not need to look too far into any financial publication to see the advice warning consumer to be more cautious about their financial obligations. To make matters worse, many Americans love plastic. Charging “extra” expenses to a credit card has almost become a way of life for some people. What makes this habit so bad is that consumers generally regard their obligation to pay this money back in terms of the low monthly payments of credit cards. Paying the minimum amount is the surest way for credit card companies to get rich as they draw off the accumulated interest each month. The credit card no longer becomes something to use for extra cash but a continuing cycle of debt. “Extra” expenses are charged to it, interest accumulates, and, as low monthly payments get bigger, consumers find themselves spending money on their credit card bill that they were struggling to manage beforehand.
Payday loans have been on the receiving end of some negative criticism themselves. However, they differentiate themselves in one very important area, the debt does not continue past your next paycheck. Whereas a payday loan is squared away after your next paycheck, credit card debt can continue for years. The convenience of credit cards makes them a dangerous tool to have at hand when cash is tight. A payday loan, while useful during a cash emergency, requires a much higher level of responsibility on the part of the consumer. So, Republic Bank wants to know how you handle financially difficult moments, and given the choice what are your thoughts on taking out a payday loan vs. taking out a credit card?
For more information visit [url]www.republicbankpayday.com[/url]"
credit_card_collector said: ""So, Republic Bank wants to know how you handle financially difficult moments, and given the choice what are your thoughts on taking out a payday loan vs. taking out a credit card?"
Well since your a rep and looking for an honest opinion I would much rather use my credit cards because going to those payday loan places makes me feel like some kind of hoosier, nothing wrong with people who go to them, I am not saying that, I myself would feel low and embarrassed to walk into one of those places, the same way I would feel taking my TV to a pawn shop, a credit card is a tool many Americans use every day, no reason to feel embarrassed about swiping your pretty platinum card, some cards even make the card holder feel important or rich to use it, so your comparing using something that can make you feel good to going to a place that makes you want to hide your face just incase that guy from work is eating at the Chinese restaurant next door. I would only feel strange using a card if I was at a fast food joint charging a $1 burger or at QT charging my morning coffee but I see people do these things all the time care free. You see my point, I would much rather use the card if I had the choice, now if I had no other means I would use the payday loans only if it was an emergency, I guess I am lucky my parents and my in-laws both live 10 minutes away and either would give me a payday loan fee free, I figure these services may be targeted toward those people new to an area with no family near by or those who have overused the strategy of borrowing from family."