If you are going to focus your finances on paving a positive path towards your retirement days, the last thing you want to do is start packing on the debt. If you have to bring debt along with you, make sure you prepare yourself to handle it. If you change your mindset towards credit cards and best direct payday loan lenders debt your will have a better chance of making your retirement years that much more financially comfortable.
Direct payday loan lenders are not casual loans.
If you are a person who looks towards payday loan direct lender debt in a casual way, you need to work heavily to change that mindset. Yes, their quick cash makes money crunches go away quickly, but what are you left with? Having a full payment of loan plus fees hovering over your head over the next few weeks are stressful enough. Do you have the same sense of urgency to pay off this short-term loan bill as you did the prior emergency? For people who spend years rolling over their small payday loan, it is something to think about.
With an APR in the hundreds, why would a person keep paying fees every few weeks and never work at paying down the loan. At that point, even an extra $0.50 is better than nothing. It will still take forever to get it paid off, but at least you will be taking steps in the right direction. A direct payday loan application does not equate to casual money. There are steep financial consequences to extending a loan for so long. If you paid $70-$90 every few weeks for interest fees, can you think what you would do with that money in your bank account come the end of the year? Use that as your motivation to change the direction of your income flow. Move that excess money into your own savings account or pay down credit card debt. The less debt you carry into retirement the better.
Many financial advisers tell their clients not to take out student loans for their children for similar reasons. Some of these same parents are still paying off their own student loan debt. If you want to help them then let them take out the loans in their name and help make payments towards them as it fits into your own financial needs.
Buying a new home late in life? Having children or adopting children as you get along in years are all wonderful things but you will need to account for the extra costs come retirement age.
Make sure that your financial mindset includes long-term objectives. Keep cost of living debt in the present by paying creditors and lenders as soon as possible. Use what you save on interest to forge your future money needs forward. It makes no sense to keep bad debt hanging around for too long. If you have to use a direct payday online lender, then do so but pay if back right away. If you need to extend it do so with a plan which will get it paid in less than 3 months. Keeping any high interest debt year after year is not financially sound. Just because credit cards try to set your mind in to thinking it’s okay to keep balances unpaid for as long s you want, it too makes more sense to use them and get the debt paid off quickly. Retirement is much more fun without all the debt baggage of a lifetime along with you.