CHARLOTTE, NC (WBTV) – Vacations can take a toll on a family’s budget. Many find this time of year financially stressful.
Tom Bartholomy of the Better Business Bureau has some suggestions on how and how not to raise extra cash while on vacation.
The worst ways:
- Securities lending. A title loan is secured by placing a lien on the title of your vehicle. If you don’t make the payments, the lender will repossess your car, leaving you in a much worse financial situation. Securities lending is illegal in North Carolina, but not in South Carolina. “Losing your car could be financially devastating. “
- Advance fee loans. There are many unscrupulous lenders who guarantee that they can get you a loan if you pay an advance as collateral or insurance on the loan because you have bad credit. “You will be asked to transfer the upfront charge to another country or pay the charge with a prepaid debit card,” Bartholomy said, “and then you won’t get the loan.” Advance loans are illegal in NC, but not in SC
- Payday loans. A payday loan is a short-term loan with a very high interest rate that you pay back on your next payday by giving the lender a post-dated check. It sets off a vicious cycle of spending your paycheck before you earn it, and it takes an average of eight months for people to break free from payday loans. Payday Loans Illegal In North Carolina But Not In South Carolina “Payday loans are also widely available online,” Bartholomy said, “but BBB has received hundreds of complaints from consumers about collection practices. aggressive and illegal online payday lenders. “
- Cash advances by credit card. Cash advances from your credit cards are very expensive. Not only will you pay interest which can approach 36%, but you will also pay a cash advance fee.
- Pledging of valuables. A pawnbroker will loan you about 25 percent of the value of the item, and you have to repay that amount with interest, usually within 30 days, otherwise the pawnshop will sell the item you have pledged. “Never pledge something you would hate to lose,” Bartholomy added.
- Sell stuff. The collectibles you have: baby hats, baseball cards, autographed keepsakes or Christmas villages can be worth the money. Check eBay or Craigslist to see what you can sell!
- Organize a garage sale or a garage sale. It’s quick, easy, and inexpensive.
- Sell your jewelry in gold or silver. Most local jewelry stores buy gold, silver, and coins. Make sure you know how much you will be getting before you commit to selling.
- Freelance. Are you a good writer? Web designer? Photographer? Promote your skills as a self-employed person and earn some extra cash.
- Work part time or get a seasonal job. Why not find a part-time job at your favorite store? You can earn extra money and get a discount for employees. Start looking for seasonal jobs early.
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