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Episode 3256:
J. Money examines the high costs and hidden traps of both payday loans and credit card cash advances, weighing which is the lesser of two financial evils. While both options carry steep fees and risks, he ultimately sides with credit cards for their transparency and flexibility, though he stresses that neither should be your go-to for quick cash.
Read along with the original article(s) here: https://budgetsaresexy.com/payday-loans-vs-credit-cards/
Quotes to ponder:
“Payday loans are extremely expensive compared to other cash loans.”
“Consumers have an average of eight to thirteen loans per year at a single lender.”
“In conclusion, they both suck and should be avoided like the plague.”
Episode references:
Consumer Federation of America: https://consumerfed.org
Debt.org - Predatory Lending: https://www.debt.org/credit/predatory-lending
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Optimal Finance Daily - Financial Independence and Money Advice