Clear Out Your Debts Before Securing A Lakeshore Car Title Loan - Instant Loans Canada

Blog

Clear Out Your Debts Before Securing A Lakeshore Car Title Loan

May 03, 2013

No matter how careful you are, there are really times when you end up with debts. Because of this you seek out ways to clear your debt through other financial solutions. While such financial aids are indeed helpful, if you come to think about it you are just trading one problem to another one. You are solving your debt problem with another debt may it be through a bank loan, a payday loan or a Lakeshore car title loan.

Prevent yourself from being trapped in a situation wherein there is no escape by managing your finances correctly. Start by clearing out your debts using a good strategy. You were introduced to this tip in the article, “Learn Money Management Before Securing  Car Title Loans”. Now let us examine the ways on how you can properly clear your debts.

1.       List all your debts and prioritize them. As time passes, we pile up so many debts which make us feel overburdened and confused as to which we must settle first. When this happens, get some air out. Take a breather and once you are calm, examine all your debts. Prioritize them according to the due dates. When you have a clear picture on which debt you need to pay off first, you will find it less burdensome. Sometimes, making a plan on simultaneously paying your debts little by little until all of them are cleared so as to prevent the interest rates from skyrocketing is even a good idea.

 2.       Pay your debt not with dirty money.  The ‘dirty money’ being referred here is not the one you earned from gambling and the like. Dirty money refers to loans of all sorts may it be car title loans, bank loans or payday loans.  As mentioned above, when you resort to these financial aids to manage your debts, you are not really creating a solution. In fact, you are giving yourself a bigger problem as it would be difficult for you to pay the loan back with still too many financial problems to solve. As a result, you can end up losing your vehicle with car title loans and hefty interest charges with bank loans or payday loans.

 What you must do is use your hard-earned money to pay off your debt. Don’t waste your monthly paycheck on useless things. Instead use it to clear your debt one at a time. In addition, find a part-time job for additional income to clear out your debts.

Only when you are debt-free can you think of securing a Lakeshore car title loan. Remember also to use car title loans only when there is an emergency such as when you have to pay off some hospital bills.