Benda Procter, M.S., State Specialist, & Suzi McGarvey, M.S., former Extension Associate, Personal Financial Planning, University of Missouri Extension
Consumers with a tight budget can think that high-cost lenders (like payday loans) are their only option. However, there may be other ways to get by. Here are a few ideas:
- Have you tried to bargain with the person or business you owe money to? Some creditors will work with you, but only if you go to them before you’re in too deep. If you offer partial payment and a timeline to pay the rest, businesses and creditors sometimes understand.
- If you already owe on a payday loan, you can request a debt repayment plan if you do it before you miss a payment.
- Some credit unions and banks are starting to offer small loans again. Have you asked around?
- Is there a family member or trusted friend that you could barter with or ask for a small loan to help you get by?
- Have you thought about having someone who trusts you co-sign for a lower-rate loan?
- Some stores offer layaway services at no or low cost. Have you considered layaway?
- Is there a social service agency, food bank, community group or church that could help you through your crisis?…
For the complete list of helpful suggestions, see the full version of this article at http://missourifamilies.org/