Act in Haste, Repent at Leisure: The Spiral of Debt

It is very easy to get yourself into debt.  Everywhere you look; companies are promoting credit cards of all colours, shapes and sizes.  They tell you all about how good they are but do nothing about reminding you that they are going to cost you money.  And a lot of it.  It should be like smoking.  Every credit card should carry a large warning on the front of it ‘CAN DAMAGE YOUR WEALTH’.  Unless you are very good at avoiding these marketing techniques, then you likely have at least one credit card in your wallet.  And it doesn’t stop there. It became fashionable to get a new credit card with zero interest on it, and then when your interest free period expired, transfer it to another card.  Great idea you think!  No!  In reality what happens is you now have two credit cards in your wallet and it doesn’t take long for you to realise this and start using both of them. Disaster.

It gets to all of us.  If we then for some reason find ourselves with reduced income and unable to manage the repayments, we can start to lose control and fall into the ever increasing spiral of debt.  If you have found yourself in this predicament, and maybe found help via one of the debt-help charities, you know what it is like.  You have had your fingers well and truly burned.  But if all of your credit cards have been cut up, your cheque book shredded and your overdraft sent off to never-never land, what do you do when you have a temporary cash shortage?

No credit card for you.  In fact no more credit.  You have crossed the point of no-return and have to spend the next 10 years or so of your life paying back all that you owe.  So what if you have a cash dilemma?  Wonga offer an alternative to a payday loan.  They can help you, even if your credit is poor as they do not carry out traditional credit checks. Of course they will look at your cash liquidity and your earnings etc., but as you are limited to borrowing less than £400 for no more than 28 days, you will likely find that you will be accepted.  You will not be adding to your debts as you have to pay back the amount in full on a pre-agreed date.  The company will then take the sum due out of your nominated bank account without you having to raise a finger.  So, unless there are no funds in your account, your debt will be cleared in full.  No putting off until tomorrow what you can pay back today.  It’s a simple and straightforward way of coping when funds are short.  The great thing is, even if you are tempted to do so, you cannot put off the payback time.  It’s all about being responsible for your actions and accepting the fact that money is hard to come by.

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