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economic times
payday loan consolidation
payday loans
difficult times
saving money
recession
new ways
thousands of dollars
credit cards
Surviving Tough Economic Times
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Surviving Tough Economic Times

Since the beginning of the recession in the United States, many families have had a difficult time surviving. Many jobs have been lost over a wide range of industries, which is causing families to have to find new ways to cut costs and pay for the things that they need. Cutting costs is definitely a good way to survive during difficult times, but we are going to offer a few ways that every family can do that. When there are people relying on you saving money is easier said than done.

One thing that you will want to do if you are trying to survive during these tough economic times is to find a place to live that is within your means. Many families in the United States have become spoiled in the amount of space that they need in order to live. Small families choose to get large mortgages and loans in order to purchase a large house that they don’t need. These mortgages can add hundreds of thousands of dollars in interest rates to your home. Instead, either find a nice place to rent until you can save up a large amount of capital to buy a home, or you can find a smaller place to live in.

This will allow you to eliminate heavy mortgage debt that will drag you down if you are experiencing hard times. In fact, debt is among the biggest culprits of harming families during difficult economic times. The interest rates help large companies to earn money, but they increase the monthly burden on already struggling families. With credit cards it is the same way. Families need money to spend on food for their family so they use their credit card, but they don’t pay back the money every month. This leads to a debt that almost never goes away.

One thing that every family can do during tough economic times is avoid taking easy loans. Payday loans can be had very easily when you need quick cash, but this payday loan trap can keep you paying money every month when you could be spending it elsewhere. This may cause you to seek out payday loan consolidation firms so that you can remove these loans. Many of them charge 300-1000% interest, which can make debtors pay so much more money every month than they even borrowed. It is best to avoid all these debts completely so you can survive these tough economic times.


Street Talk

Another good, targeted article David, pinned.

Reply
  about 1 decade ago

A very difficult subject! Nice article

Reply
  about 1 decade ago

Thank you very much for sharing and commenting Maria.

Reply
  about 1 decade ago
Joan S  

That's incredible usury. Shouldn't be allowed. One more way the banks are ripping us off. Was listening to radio this morning regarding the economy. They tell us we're at 9% unemployment, when in truth we're at 22%. That's a depression, not a recession. Wonder how it's all going to play out. Thanks for the helpful article David.

Reply
  about 1 decade ago

I wonder as well Joan, your welcome!

Reply
  about 1 decade ago

Interesting read David

Reply
  about 1 decade ago

I hope thats a good thing Mark ;-)

Reply
  about 1 decade ago

I had no clue payday loans were getting people in such trouble. Nice read.

Reply
  about 1 decade ago

They sure are, some close to 1000% interest. You could borrow $2500 and pay back $13,500 when your done. And imagine some people have several. Its sad to see people so desperate but I am glad we are able to really help them.

Reply
  about 1 decade ago
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