Monday, 30 May 2011

Payday Loans Cash Advances Do NOT Build Your Credit

The majority of people who turn to expensive payday loans do so because they have credit problems and no one else will give them a chance. The problem is that payday loan cash advances do not build your credit. In fact they do not report to your credit report at all.

p>The only information that directly affects your credit report is loans, credit cards, lines of credit, store cards, collection items and judgments. If you are turning to payday loans because you have taken out other credit and made late payments or defaulted, you have to first deal with your bad credit/debt before you can begin to rebuild.

Payday loans are not the answer and actually will make your financial situation worse due to their expense.

There are many ways to deal with debt:

Debt consolidation
- Credit counseling
- Credit settlements and proposals
- Bankruptcy

Some of these options seem more daunting than others but each is tailored for a different type of person in a different type of situation – each should be looked at with equal consideration if you want to make informed and effective financial decisions.

Approaching these companies directly will only result in a “sales” pitch, each will try to convince you that their choice is the best. So how do you make informed decisions? Invest some time and do some research. Use search engines like Google to learn about your options.

Consider hiring an unbiased Financial Consultant who can answer your questions and help guide you in the right direction based on your personal financial goals. This will save you a lot of time, money and sales pitches.

In the event that you are going to consult a Financial Consultant, be prepared. Plan your budget and gather all of your credit card and debt statements so that you can have a well-informed discussion. Beware of counselors who charge up-front fees. A good financial consultant will not charge you anything to consult you about your finances.

If an unplanned expense was what led you to a payday loan, review your budget and consider how you can set aside savings so that you have a safety net if you run into problems in the future. If you are buried in debt and there is no room in your budget to save, then you have no choice. Deal with your debt immediately so you can achieve financial health now and going forward. For more information visit http://www.debtcare.ca/

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