Cash advances are not that really bad, if you just know how to deal with it effectively. It is also one of the reasons why people fall into debt trap. It befell millions of borrowers who unconsciously or consciously became dependent on many kinds of credit such as payday loan, cash advances, and even with loans from friends and relatives. Some people really made a habit using credit as a way of living.
What is a Debt Trap?
It is a situation where an individual takes out a loan or credit in order to pay an existing credit. There are reasons why countless borrowers fell into this situation such as lack of savings and budgeting or in general, the individual did not practice financial discipline.
What You Can Do to Get Out of the Debt Trap
If there are several reasons why people fall into this kind of trap, there are also many possible ways to get out from it. Here are some suggestions.
Acceptance is the key
You have to admit that you indeed have a problem with managing your financial affairs. When you embrace the fact that you indeed have a problem with money, and the people around you feel that you are sincere and remorseful with the situation, there is a high chance that your family and friends will offer help to beat your debt trap situation.
Counselling is the next best thing that you should do
Do not assume that the problem is limited to money, there are other possible compelling reasons why you have money problems such as lack of it while growing up or you have a hobby that costs you so much and you need to find ways to enjoy your hobby without spending so much.
Will yourself to change
Acceptance of the problem is just one part of the solution. The other part of the solution is to challenge yourself that you need to act on the problem. You need to embrace the suggestions of your counsellor. Acceptance without actions will just promote the cycle of falling into the debt trap.
Take one small step at a time
There might be several recommendations on how to defeat the debt trap and the number of suggestions might overwhelm you. It is therefore imperative to take a closer look at each suggestion and categorize which ones are doable and which ones you will find very difficult to do at the moment.
Discuss issues with your financial counsellor again if you cannot decide or you still have problems with the recommendations and you need further enlightenment on how to start with the suggestions to defeat debt traps.
When you try to defeat or deal with debt traps and hope to avoid relying on loans and credits like cash advances, it needs overhauling different aspects of your life. It means getting out of your comfort zone. Do not worry, when you can get out from it, you will be more comfortable in the future.
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