It is not unusual for the majority of people to live from paycheck to paycheck. You manage your bills so they can be paid off on time, every payday or shortly thereafter. What happens when the credit card bill comes due before your payday though? If you pay for it late there will be problems. If you get a fast cash payday loan, you can pay it on time and avoid those problems.
Avoid Credit Card Penalties
Just imagine, your credit card statement has shown up in the mail and this month the due date is before your pay date instead of on or after as you’ve grown accustomed to. You have no savings account available to draw money from to pay it early because you use every dime to live and work.You need to solve this financial problem. So what, you can just pay a bill late.
No! You really shouldn’t do that because your payments will get larger. Most credit card companies have a late fee or missed payment fee which they will take your next bill. That fee can actually put your account over-limit, so they tack on an over-limit fee as well.
Okay, you can pay the extra $60 to $80. But now you’ve defaulted on the payment agreement by paying late. You can say goodbye to that nearly 12.99% interest rate or finance charge. Your monthly payments will increase because they will increase your rate up to 29.99% or higher. Welcome to the default penalty rate!
How to Deal With It
Can you avoid paying the bill late and preventing the fee and interest from snowballing without a savings account? Yes, you can turn to the short-term financial markets and get a fast cash payday loan. By borrowing enough money to make your payment on time, you avoid a potential future or penalty fees and higher interest rates with the credit card company.
The money you borrow with the payday loans is repaid on your next pay date. It’s like getting a cash advance from your employer. The interest rate you pay on the short term loan is much more desirable than years at a default annual percentage rate with your credit card company.