This video is a quick clip from Consumeraffairs.com. I like it because it quickly summarizes the reasons why payday loans are a very, very bad idea for borrowers. The main problems are 1) high interest rates and 2) the fact that high interest loans keep borrowers dependent on the payday lender, thus racking up very, very high interest rates and ensuring the borrowers remain impoverished.

The clip is only a minute long, so check it out.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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