Comment 96919

By Jonathan Dalton (registered) | Posted January 17, 2014 at 15:08:57

Great article, and great attitude!

It hurts every time I see someone I care about use a payday loan. Sometimes I've even offered to lend a bit of money so they don't need another payday loan to recover from the last one.

I know first hand it is possible for someone with a low income to dig themselves out of hole. I had to figure things out pretty fast when I went from a stable job to working for myself and after a while realized I had no money.

What struck me was how much you can save by simply paying attention. Before you even start to cut back on discretionary spending, you can save on late fees, interest, bank fees, and services that are more expensive than they need to be. You can get fees reversed from banks and credit cards just by calling and asking nicely.

I'm not good at remembering to pay bills, so I switched everything to automatic payments. This saves hours of time each month (which I can spend working) and eliminates the mistake of thinking I have money just because the bills haven't been paid yet. I'm saving at least $100 a month just by not being an idiot anymore.

Basic financial survival is certainly not taught by the banks, credit card companies, or payday loan stores. They make a killing off of ignorance. It's up to us to stop the abuse.

Comment edited by Jonathan Dalton on 2014-01-17 15:39:05

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