Payday loans are being used frequently as a way to keep families afloat. Is this a good way for a struggling family to make it until the next pay period? Each family has to decide this on their own. It is my opinion that it is always best to pay cash, if you can.
I know for many families who struggle they can not always do this and need to stretch their budget until the next payday. If you need it to feed your family then please let those babies eat. Just be aware that the loans you get from the payday places tend to have very high interest rates and could possibly make it harder for you to pay it off. If you use it only as an emergency, only happens once in a while type thing, and it gets you by then please do.
Try to not make it a habit of using payday loans to pull yourself out of the hole. It does tend to make getting out of debt harder. Pay cash and live within your means if you can. Be frugal, live simply, teach honesty and honor integrity. That’s always the smartest way to live and to handle your money.
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