Advice for a Cash Advance

A Cash Advance can be a lifesaver, but like most emergency equipment should be used only when absolutely necessary. Remember, a loan can keep a check from bouncing, but in the long run won't solve what created the financial difficulty in the first place.
In fact, a high-interest-rate loan that has to be repaid the next payday can make a tight financial situation even worse. Granted, coping with short-term financial problems without taking on more debt can be difficult, but with some creativity and determination it can be done.
Some alternatives to consider before resorting to a payday loan:
Start a $500 "Rainy Day Fund." Yes, times are tough and saving isn't always easy -- which is exactly why you SHOULD start saving money. Building an emergency nest egg doesn't take as much as you might think; even $10 per paycheck adds up nicely after just six months. Better yet, if you have direct deposit, have your payroll manager deposit the money into a separate savings account -- you'll be surprised how much you won't miss the cash. (For both inspiration and information, visit www.AmericaSaves.org)

CASH-STRAPPED COUNTRY: BANKRUPTCY FILINGS NEAR ONE MILLION

CASH-STRAPPED COUNTRY: BANKRUPTCY FILINGS NEAR ONE MILLION

As Americans face the realities of a tough economy, many are reacting by declaring bankruptcy.
Faced with rising mortgage and credit-card debt, a lot of people are opting just to throw in the towel. The number of personal filings totaled 934,009, up nearly a third from last year.
"As we continue to hear more bad economic news, we will continue to see bankruptcies spiral upwards," said Jack Williams, resident scholar at the American Bankruptcy Institute. Such news is expected to increase the number of payday advances, as Americans look for ways to manage debt.
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