We’ve talked a lot about title loans and the many purposes they serve. Title loans were created to help financially struggling individuals with debt management as well as securing funding for this purpose. Title loans are also designed for individuals who also have limited or poor credit and cannot secure funding through traditional lending methods, such as a personal loan from a bank.
So are title loans for everyone? Maybe. If you are struggling with debt or to pay your bills, affordable title loans may work for you. However, they should be sought out in extreme, desperate cases and circumstances, or for difficult life milestones. While most would think title loansaren’t for young people, it wouldn’t be the first time when a young adult had to seek out a title loan to settle their debt.
Graduating from school. Pretty exciting, right? You’re out having fun, spending money, experiencing freedom, living life to the fullest, no regrets. Suddenly, when the summer comes to an end, it’s time to move on to the next phase of your life, now you are beginning it IN debt. Suddenly the party didn’t seem worth it. So what happens? You might try to pay what you can, but in the end, you are in way over your head. You struggle with making payments or make payments at all. Now you are starting life not only in the whole, but with poor credit. Talk about a buzz kill…
Here are some fool proof debt and money management tips for recent grads:
Credit Cards Aren’t Free Money. One of the first things recent grads need to remember is that a credit card doesn’t mean free money. In fact, using a credit card costs money, especially those with high interest rates. Often times credit card companies market to young adults. They wave shiny, new credit cards in their faces, promising low, attractive, and sexy introductory rates. In an attempt to spend some money and have some fun after graduation, recent grads want to get their hands on a new card, spend what they want, and have a good time. Graduates should certainly celebrate their accomplishment and newly-found freedom, but just don’t do it with an exponential cost.
Tackle Those Student Loans. If you are a recent college grad, you probably have significant student loan debt. While you may be tempted to spend any money you got from graduation on a new car, your first apartment, or a trip to the Caribbean, your best bet is to put a good chunk towards your student loan principal balance. While it may not seem like it would do much, any large chunk of change you can throw to the balance, the better you will be in the long run, and the more money you will save.
SAVE. Sounds geeky, right? Maybe. But it’s also the best money and debt management tactic. Even though it may seem impossible to save anything with a part time job you had from school, or if you are making minimum wage, or if you don’t have any form of income at all, but anything you can save up front and your ability to get a jump start on any type of savings will also benefit you in the long run. Saving money now will also help you save money down the line. It will ensure good credit, you won’t need to rely on credit cards as often—saving money on interest rates and car loans—and it may even position you to put a good-sized down payment on your first property, which can also save bundles down the road.
While title loans are a great option for those who are struggling financially, they should remain solely as a debt management option; not a way of life. This is something that young people, particularly recent graduates, should understand. However, Affordable Title Loansis there to help out any adult with debt management tactics and strategies. While title loans often come with higher interest rates due to the high-risk nature of most applicants, Affordable Title Loans offers much lower interest rates next to their competitors, and they are a viable solution to help pay off debt…and fast.