Did you know that your success in handling your money has something to do with your genes? Did you know that your X and Y chromosomes can tell if you will be able to properly take care of your money and pay off your debts?
Actually, they do. For you to be debt-free, you should have certain qualities. Let's find out what they are.
1. Are You Smart?
Being debt-free is, in one way or another, related to how intelligent you are. But this does not mean that you must have an IQ of 200 for you to be able to pay off your payday loan or cash advance. This simply means that you must have a sound knowledge to know the difference between emergency and non-emergency.
Payday loans in Canada or elsewhere - are created to address emergency needs while payday is still a few days away. Thus, to avoid being trapped in the "evils" of a payday loan, you should be able to clearly distinguish what would constitute an emergency from one that would not.
For instance, sickness is one type of emergency. If you got sick, went to a doctor and were given a prescription, naturally, you would need money to cover for these medical expenses. If you don't have enough savings, then of course you'd find a way to get hold of extra cash. And one of your financial aid options is a payday loan. Using this type of loan for this scenario is clearly a good judgement call.
But if you to use your payday loan proceeds to buy a pretty pair of pink Nike Mary Jane shoes, however, then you are not being smart here. First, shoes would not constitute an emergency unless you don't have any other footwear to use. Second, you are merely acting on a want, and not a NEED; best of all, you are not in an emergency situation here.
Thus, being smart is simply knowing - and abiding to - the real meaning of the word emergency.
2. Are You Disciplined
You also need to have the discipline and control so that you don't end up availing of a payday loan every month. You should be able to abstain and to use this kind of service only when the situation calls for it. Once again, only during emergency should a payday loan be called upon.
Otherwise, you will be living on debt and you will dread your every payday as everything that you earn for the month will just go to your creditors.
Thus, it's important for you to have the discipline. You should not allow yourself to be dependent on payday loans. You must control your spending behavior. You must abstain from having a luxurious lifestyle if your present salary cannot afford that.
Being smart and being disciplined are just two of the needed qualities of a good debtor. There are still other characteristics. But these two are perhaps the most important, as these are needed in deciding to apply for a loan.
If you are smart enough, you would not categorize buying shoes as an emergency. And if you have enough discipline, you will not jump into every loan opportunity that's presented to you.
Money Loans Company - Payday Loans and Cash Advance
20 Eglinton Ave. East
Toronto, Ontario, Canada