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Why Credit Cards are Not Always Better

People usually have a few places to turn to when they get in a financial bind. Some may turn to their relatives and friends, but that can cause a strain in relationships, especially if you need to consistently borrow money or if you're having trouble paying the money back. Other people get credit cards and take out cash advances. Still others get a payday loan. Many feel that getting a cash advance on their credit card is the way to go, but there are some disadvantages of going this route.

The Disadvantages to Consider

Although many individuals use the aforementioned method to get them through emergency situations, it's not always the best choice for everybody. Getting one takes a little planning, while payday advances are available at any time that you need them. To get one, you need to have acceptable credit. If it is not what it should be, you may be denied, or you may be offered an option with a steep annual fee. Cash advances do have hefty interest rates attached to them, but if you're only going to need the occasional assistance, it probably doesn't make financial sense to get one that charges a large fee to have.

They can also provide a temptation that payday advances do not have. When you have a card, you may be tempted to use it for non-emergencies. While those who use them for non-emergencies intend on paying the balance in full every month, that doesn't always happen. When you can't pay off your balance in full every month, you end up going into debt. Short-term lending services need to be dealt with right away, either by paying off the amount owed in full, or rolling over the debt. For those that don't want to risk getting into long-term debt, they can get people through emergencies without tempting them to take out more debt.

The Pros and Cons to Consider

Payday loans do tend to have higher interest rates than cards, but they are meant to be short term options that you pay off with your next paycheck. You don't have to have good credit, all you usually need is a job and a bank account. You don't have to pay an annual fee to take out a short-term lending service, you don't have to plan ahead and sign up for a card, and you don't have to maintain an ongoing relationship with the provider. For these reasons, payday loans are a preferable way for some people to borrow money.