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Quick & Easy Ways to Lose Money

By Alanna | May 24, 2007

Things to avoid when trying to save money:

1. Bouncing a check. Some banks charge up to $30 for each bounced check (some also charge for checks that are paid when your account has non-sufficient funds). Monitor your account often to avoid such charges.
2. Applying for a Payday or Title Loan. Payday and title loans are quick and easy to get. They are short-term and help cover expenses until next payday and their fees seem relatively low. But the actual interest rates for these loans are extremely high. If the borrower cannot pay back the loan on time, they can be “rolled over” or given an extension for additional fees. A fast way to be in debt over your head. Payday loans can have annual interest rates as high as 500%! See compelling video on the subject.
3. Wiring Money or Cashing Checks. Without having a bank account, the fees for such services can be very high. Fees can be avoided or lessened when you have an account at a financial institution. Shop around in your area and find the bank that will be able to help you save the most money.
4. Applying for a Tax Refund Anticipation Loan. Do not spend your tax refund check before you receive it! Be careful of services pitching “Get your tax refund today!” You will be expected to pay back the money plus interest when you receive your refund. Like payday loans, these loans can also be very expensive.

Let us know if you know of other easy ways to lose money!

Topics: Credit |

2 Responses to “Quick & Easy Ways to Lose Money”

  1. Blogging Away Debt » Blog Archive » Presenting the 76th Festival of Frugality! Says:
    May 29th, 2007 at 6:53 am

    […] Quick & Easy Ways to Lose Money […]

  2. Blogging Away Debt » Blog Archive » Presenting the 75th Festival of Frugality! Says:
    May 29th, 2007 at 6:54 am

    […] Quick & Easy Ways to Lose Money […]

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