What is your worst experience while using Cash Advance payments? Did you ever recover? If so, how?
I have a sister who uses cash advancements on a regular basis. Even 2 or her daughters have gotten caught up in the cycle of using these cash advancements. My sister was at one time, financially stable, but because she is constantly using cash advance payments, it is ruining her. What can I say or do to help my sister get back on track? Would you recommend cash advances to family members or friends?
24 de May, 2010 at 5:47 am
You could do the calculations of how much these advances actually cost her over time. Show her how much money she is throwing away.
After she can see this, offer her some practical advice on how to get out of this cycle (temporary job for the holidays, sell unneeded stuff on craigslist or ebay, a working budget…)
24 de May, 2010 at 6:32 am
Well I used many thousands of dollars from visa cash advancements to buy shares in public companies incl, some that went belly up, so I won`t recommend borrowing to invest except as mortgages for well priced real estate.
Other than that, the fundamentals of money management is to always spend less than you make; sometimes easier said than done in our world of temptations.
Will I recover? well let us put it this way, it look like yes, but it will take some years.
24 de May, 2010 at 7:13 am
Really its a last resort and it can be a lot of interest payments. But if you need one you need one. Best of luck.