Take Charge Of the Situation
If the emergency is that you have no emergency fund, first see if you can charge your expenses on your credit card – instead of turning to a cash advance. Of course, we DO NOT advocate piling up credit card debt, but the rates on traditional charges are certainly better than cash advance rates! So, yes in this instance – better to charge than to advance.
If you really need cash, try what Mary did – ask a friend or family member first. Or maybe you can ask for an advance from your employer? None of the above options are palatable, but if handled correctly and responsibly they are smarter alternatives than a cash advance in the long run.
Don’t Get Stuck in a Debt Trap
There’s a reason our friends over at Care One Credit list cash advances on credit cards as one of the dirty dozen credit card traps! Credit card companies make tons of money off your emergency situations – but obviously they don’t publicize it that way when sending your solicitations and asking you if you- “need cash fast”?! Though the promises of easy money are in bold lettering, the confounding details are all in the fine print. The best tip… Do what I do, and rip up those checks before you are tempted to cash them! Cash advances are debt traps in disguise. Avoid them at all costs!
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Such GOOD advice!!!
A cash advance can be dangerous if you’re not responsible about it. Sometimes it’s an absolute necessity. It just depends on the situation. However, you bring up valid points.
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