Welcome back to Your Loan Depot! We’ll start off today’s blog the way we have with a vast number of our previous posts, by providing a bit of context in reference to what we’ve been discussing lately. For our avid readers out there, it should come as no surprise to you that we’ve been discussing debt, budgeting, and finances over the past few months.
Of course, we aren’t in the business of solving people’s long-term financial issues as it relates to debt management. We are Your Loan Depot of Texas, on the contrary, meaning we help people get emergency cash through payday loans and car title loans (our industry has a lot of jargon, so some people use terms like “bad credit loan” or “fast cash loans” interchangeably).
But whatever term you use for our fast cash solutions, our bread and butter service will always be payday lending services in Texas. As opposed to bank loans or loans from credit unions, we don’t require good credit (or any credit, necessarily), and we don’t need to know your specific plan for using the money you need. That’s not our business — our business is to make sure you understand the details of your loan and repayment agreement. While other payday lenders might be more concerned with getting the deal over the line, we want to work efficiently while making sure we do everything in our power to inform and empower our customers to make the right decision for their unique financial needs.
Put another way — we get it.
We get that bad circumstances that we didn’t see coming often arise out of nowhere: a death in the family with no saved money for a funeral and all its expenses; a car accident leaving you strapped for cash with no way to pay for the medical bills; your car broke down and you have to get it fixed to keep your job; to make rent and pay for groceries; to loan emergency money to a friend or family member who is down on their luck; to make sure the utilities don’t get shut off; to make sure you don’t have to borrow money from a friend or family member.
Some of those reasons are truly tragic and equally as difficult, while we wouldn’t say it’s wise to consider a payday loan when you still have other options with friends and family, based on our experience. But regardless of the specifics of your situation, we want you to know that we are here to help. In the immediate, we can help with your emergency cash needs. In the long-run, we figured we’d use this blogspace to offer up some free financial tips about budgeting, getting out of debt, and financial matters more generally speaking.
With that in mind, today’s blog is all about getting out of debt in whatever way you can! We’ve touched on this subject matter a few times so far in 2019, but today’s blog is a little bit different insofar as we are highlighting some financial advice from the experts.
Tips For Getting Out Of Debt
So without further ado, keep reading to get some practical tips on getting out of debt, with or without the help of Your Loan Depot and our payday lending services!
Have A “Why”
Let’s get deep, folks. Those of us that have money problems tend to have so little time left to ourselves. We are working multiple jobs, taking care of children, and trying to make ends meet any way we can. We get so busy that it’s often easy to lose sight of why we are grinding so hard in the first place — and that’s why we need, well, a “why.” We think it’s so important to not only remember your why, but to start with your why in the first place. Ultimately, it’s the only way we’ll stay consistent. Accepting that you are in a difficult situation while also having a goal you believe in is key, although it’s far from easy. Melanie Lockert, the author of Dear Debt, says that if you are having trouble finding your why, “I suggest people create a ‘debt-free dream list’ of things they will have, or do, or accomplish when they’re debt-free. Having that carrot to guide you can help.” What is your why?
There’s More Than One Way To Skin A Cat
Err…more than one way to get out of debt…that’s what we were thinking of! More seriously, we want to make the point that no two financial situations are the same. And while there are plenty of principles we would call universal (organizing your financial situation with a budget is one that comes to mind), Bruce McClary, VP of public relations and communications for the National Foundation for Credit Counseling, has this to say about getting out of credit card debt in particular: “There is more than one path to success, so it’s important to know that options are always available when a plan doesn’t work as expected.”
For our money, Bruce’s point is brilliant, but not for the reason you might think. It’s easy to look at the words Bruce wrote and think that no one can tell you that you are doing it wrong! In reality, there are numerous circumstances where you could say a person is “doing it wrong.” Blowing your paycheck on entertainment and expensive food while you are struggling to pay bills is an example of this, as is gambling half of it away.
Not that any of our readers are guilty of those acts — we simply want to make the point that Mr. McClary’s words were not intended to be used to justify any kind of lifestyle and call it your own personal brand of budgeting. On the contrary, we’d wager the most significant snippet of Bruce’s quote is that it inspires hope in spite of failure. Even if your current plan doesn’t work out, it doesn’t mean you are out of luck forever. Whether you have just gotten fired, evicted, or something else unfortunate has happened, there is hope!
Use Common Sense
Like we are apt to do, it seems today’s blog should be extended into part two, seeing as how we are far from being finished with all we have to say on the matter! The final piece of advice we’d like to offer up in today’s post is that the key to effective debt management is in common sense. The odds are strong that you already possess much of the wisdom required to save money and climb out of debt.
Think about it; deep down, you know where the majority of your expendable income is going, for better or for worse. We’d bet you also know where you could improve and what changes you should make, but it’s just a matter of admitting it to yourself and acting on those decisions. That’s why we repeat ourselves in pretty much every blog — write down your plan and discuss it with someone you trust. Talk and write about what you are going to do and how you are going to do it. If you are struggling to get going, it’s probably because you aren’t able to be completely honest with yourself. But there is power in holding yourself accountable to what you’ve written and said you will do.
Again, everyone’s circumstances are different, so we are not judging in any way, shape or form. We just want to help, here at Your Loan Depot. In the short-term, that might look like getting your head above the water via the help of a payday loan company in Texas like Your Loan Depot. In the long-term, we hope this blog helps you think about financial planning in a new way! Visit a Your Loan Depot location in Texas today, if you need help with the former.