Warning: we are about to embark on a “common sense” discussion about personal finance, please click off this page now if common sense is not your forte.
I did this once… quite a few years back, I don’t even remember what particular crisis had me in this position where I felt I needed some cash to hold me over till my next payday.
STOP! right here is the place where I want to say it was a really bad decision and if you have never done it, congratulations! If you have done it once and realized it was like trying to walk up the down escalator, like me… then chalk it up to a lesson learned.
If you have done it multiple times or are currently stuck in the hamster wheel and fear you will never get out, you can get out, BUT, it isn’t easy!
These predatory lenders, YES Predatory!, act is if they are providing a valuable service… (you know like a friend helping you out), but in actuality are like wolves in sheep’s clothing appearing to be the answer to some momentary dilemma, when in reality they are setting you up to be trapped in a vicious cycle where the only one making any gains is the lender.
Have you ever loaned a friend some money? Have you ever tried to have Thanksgiving dinner with that same friend when they haven’t paid you back? Even if you remained friends it changed the nature of that relationship. In fact even if they do eventually pay you back chances are it has left subtle baggage in the unspoken recesses of the relationship that forever change the way you view that person.
Money is active … it’s powerful and always moving.
Some lessons from Scripture about money.
The borrower is a slave to the lender.
A fool provides surety (co-signing a loan) for another.
The first step in getting out of the Payday loan Cycle is to STOP borrowing more money. You must tighten your belt and change your spending habits. You must be willing to say NO to yourself and go without. If you don’t take these steps you will be destined to stay in the cycle.
Plan … If you fail to plan, you are planning to fail ! I know this is an old cliché but money is like that, if you don’t plan out (Budget) your money and tell it where to go, then you are letting your money just happen to you. When you just let money happen you inevitably end up asking at the end of the day, week, month, where did it go?
Have an accountability partner, whether it is a friend, spouse or trusted individual who cares about you enough to say, “hey you don’t need steak and eggs, a bowl of oatmeal will work just fine”!
Of course the best intentions pave the road to destruction. Handling money well is 20% knowledge… BUT 80% behavior! So don’t just say it or read about, Go and do IT!
The Freedom you will experience… Priceless!
Are you trapped, now or in the past? Share your experience here.