At the start you were good checking out what's going on with your cash loans and credit card debts only to lose interest in the long run. Tracking your loans helps you manage your debts and reinstates on you on the black fast.
The Debt Tracking Game
Like the stock market, your credit card debts and other loans shift or fluctuate. These are all influenced by yoyo interest rates. If you are the owner of varied debts that include cash loans, shouldn't you be tracking your debts? Doing so, you would be alerted to good loans and loans that hurt the finances and tracking your loans keeps you fully aware of the numbers game.
Loans are not always bad. These can help you when you need the money most. Cash loans for example are faster to obtain, helping you meet urgent emergency needs that require cash. On the flip side, fast loans have to be watched carefully and paid immediately on due date. Borrowers who keep tabs of their loans are on the right track in the numbers game.
To track your debts, use a personal budget sheet. List all the regular household expenses and your loans. Figure out which debt has to be paid immediately to get you on the black in a few years or months time. Looking at your personal budget sheet, you can cross out expenses you can live without until you have paid off your debts but please, during this debt-ridden time, chuck those credit cards or keep them under lock and key or you will never get out of debt.
Tracking your debts is different from having those numbers furiously racing around in your mind without a sensible direction. Compute how much you are going to live on when due date comes around, that is after a two-week period for cash loans. Also figure out with a calculator how much interest your loan accrues if you fail to pay on the agreed period. That additional $15 or $25 can be a big issue and more if every dollar of your paycheck goes to your living expenses.
Why Track Your Debts?
When you know the real score about the interests that goes with cash loans, you are motivated to pay the loan when due date rolls in. The huge deduction from your paycheck hurts but this is a hundred times better than rolling over that loan. Those $25 fees can add up to a thousand dollars and much more if you keep on thinking that $25 is a little amount.
Track cash loans and create a scenario of what ifs. These loans are better paid on time to make it work for you. Here's why. There is a $20 charge added every $100 for a $500 loan. To the man on the street, this is just a price to pay for a fast loan not knowing that the fee and the interest rate can add up fast.
Tracking your debts helps you keep tabs of your debts, including your cash loans. Knowledge is power and knowing how your debts are behaving can galvanize you to take proper action, which is always to pay your debts on time no matter how much it hurts your lifestyle and living expenses.
Money Loans Company - Payday Loans and Cash Advance
20 Eglinton Ave. East
Toronto, Ontario, Canada