The Importance of Payday Loans in Today's Economy

Written By krismonnyont2 on Wednesday, October 23, 2013 | 9:43 PM

The Importance of Payday Loans in Today's Economy
This past year has been tough for many Americans. Citizens across the country have faced many financial hardships; from unemployment to ballooning mortgage payments and threats of foreclosure, the rough economy has taken its toll on millions of Americans.

One of the consequences of today's challenging economy is that many people, due to any number of financial hardships, have fallen behind on their bills and have therefore all but ruined their credit. As a result, many Americans are now struggling to repay their debts and to also rebuild their credit.

When Credit Cards are no Longer an Option

As Americans, we have always relied on credit. When the rent was late, we charged it. When our car needed repairs, we charged it. When our kids needed new shoes, we charged it. But what do we do now that we can no longer use our credit cards and the bills still keep coming?

For many of us, the solution is payday loans. The fact of the matter is that we still have bills, we still need financial help from time to time, and we still have obligations that must be met. And when credit cards are no longer an option, we turn to payday loans.

Cutting up the Credit Cards

Don't let payday advances fool you, though. Many individuals, more than a bit frustrated with current credit card practices and constantly changing credit card terms and regulations, have turned to these loans as an alternative.

One of the things many Americans have learned from this down economy is that cash is often the best way to manage our budgets. With fees and interest rates on the rise, many Americans have chosen to cut up their credit cards in exchange for living on cash alone. And when our paycheck can't come fast enough and we need a little extra cash to get along, we turn to payday loans.

The Benefits of Payday Loans

Payday loans are upfront and easy to understand. This type of loan has clear due dates and easy repayment terms. Best of all, payday loans are paid off in a matter of weeks, instead of months or even years with credit cards.

The economy throughout the last year has taught us many things, and one of the most important is that we no longer want to be tied down to credit cards and their many hidden fees, terms and conditions. Payday loans are a clear and practical alternative to costly alternatives and are a great way for many Americans to ditch the credit card and instead turn toward an all-cash budget.

And, for the millions of Americans who are still struggling to rebound from the effects of the recession and credit crisis, they provide us with the much-needed cash to allow us to manage our budgets from week to week.

In short, payday loans may very well be the only solution for many Americans who have simply exhausted their credit and dried up their savings. They are there for many who still need a way to pay our bills and provide for our families.

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