How to Stop the Cash Advance Habit

saying no to a cash advance

Like any financial option, the cash advance serves consumers well when used properly. We reveal the best ways to manage the cash advance in our previous posts about when to use it and strategies to pay it off.

While a cash advance can help you keep your computer, car or apartment, some use a second cash advance to pay for the first and then get caught up in an ever increasing interest rate and fee cycle. This habit erodes your long-term financial health.

When you get your very first cash advance, to ensure you can pay it off, try to make these lifestyle changes:

  1. Check your credit card statements every month: too often, what an online service told you would cost $1, ends up having a subscriber fee of anything from $9 to $99 per month. They disguise this fact adeptly.
  1. Pay yourself automatically with automatic transfers from checking to savings or retirement IRA. Money left in checking is far easier to spend on unnecessary items.
  1. Schedule a time to take a “money minute:” monitor expenditures for the day. Check each account each day.
  1. Establish an effective spending “mantra.” This can be “I spend only on essentials” or “I treat myself with walks, books from the library or time with friends. . . not new clothes or furniture.” When we articulate our values, we feel guilty when we do not abide by them. Create a specific spending mantra to remain in control.
  1. Let a friend know about your money goals. Go an extra step and ask them to check in with you about how well you’re meeting these goals. Knowing you’re accountable will help you avoid spending.

While the cash advance does come in handy in many situations, before applying for a cash advance, make sure you can answer the following questions positively.

  1. Can you pay the money back at a designated date?
  1. Is the cash advance your best or only alternative?
  1. Do you really need what you want to buy or pay for (like cars, living arrangements, computers that keep you earning?)

Break the cash advance habit to save

A+ Rated First Financial Gets You Money without Eroding Your Credit

When considering personal loans, don’t forget that online lenders have the automation and reduced overhead to offer the best loans and terms. First Financial is the national leader in providing cash advances for borrowers of all types, even bad credit borrowers. Just fill out some forms, upload documents and get the money in your account in a matter of days. The Better Business Bureau rates First Financial A+ because we make customer service our highest priority.

 

 

Comments are closed.


First Financial

First Financial ® Corporate Headquarters 2850 Womble Road Suite 100-604 San Diego, CA 92106

Client Service Center: Main: 1-800-315-7791 Fax: 1-800-215-0217 (Monday–Friday 5:00am–6:00pm Pacific or 8:00am–9:00pm Eastern)

Merchant Services / High Risk Merchant Accounts: 1-800-950-0212 Fax: 1-800-215-0217

 

First Financial® is a Federally Registered Trademark

©1994-2017 First Financial®, All Rights Reserved. All other products and company names are trademarks of their respective companies.