Facts about Credit Card Debt, and How Payday Loans Can Help

Credit card debt can be a real problem. Many people turn to credit cards because they provide an easy solution for lack of cash. When you’re running short you just pull out a card and buy what you need, right? The problem is that the debt follows you around, sometimes for months or years and it costs you in high interest rates over time. Payday loans can help, as both an alternative and a solution to paying off credit cards, but it also helps to know more about this kind of debt and where you stand.

Average Americans Have Credit Card Debt

The statistics about debt and credit cards show that the average American household has $6,929 in revolving credit card debt. This is the kind of debt you carry from one month to the next as opposed to paying it off during the month. The facts also show that more than 40 percent of all American households have this debt, so you are far from alone if you do. A sad fact is that the households with the lowest net worth have the most credit card debt. With little net worth, crawling out of this hole can be really difficult. Payday Loans can help, and provide a better alternative.

Credit Card Debt is More Expensive Than Payday Loans

One important reason that payday loans make more sense for many people than getting into credit card debt is the cost. The average amount of money that households paid in 2018 just in interest on credit card debt was $1,141. Imagine what you could do with that money, and consider that this is just an average and that many people paid much more. Payday loans work differently. They have high interest rate but must be paid off quickly, within a couple of weeks. That means you’ll pay much less than credit card interest for the money you need.

Using Payday Loans Instead of Credit Cards

To avoid damaging and expensive credit card debt, consider using payday loans. These loans give you small amount of cash, quickly, and are repaid with your next paycheck. It’s a smart way to get needed cash and to get out of debt right away. Most people get the cash from a payday loan in about 24 hours or less. While that isn’t instant as credit cards are, the repercussions are easier to handle. You don’t carry around this kind of debt for months at a time. It’s simply not allowed. You can also use payday loans if you already have credit card debt. Use it to start chipping away at the debt so you can stop paying just the minimum amount and interest each month.

To get payday loans, all you need is a job and an income that indicates you can afford the loan. You don’t have to have perfect credit or any collateral. Simply go online or download the mobile app to apply for this loan and you’ll have the cash you need and a better solution than credit cards and credit card debt.

Facts about Credit Card Debt, and How Payday Loans Can Help By Heather Wilson - 2/25/19