Writing that cash advance check once may not really hurt. After all, it will take 30 days before you will receive the credit card statement. But when writing that cash advance check becomes habitual, it won’t be long before it takes its toll on you.
Cash advances usually come with higher interest rates when compared with ordinary credit card transactions. Higher interests increase your total debt and could make it difficult for you to settle the original debts more quickly. Cash advances result to higher bills which will consequently make your earnings thinner. You might end up with a more financially difficult situation than you were before you made the cash advance.
However, this will not happen if you make your cash advance work you. To begin with, use the cash advance service only when needed. Use the service as a safety net to make sure that all essential family expenses get paid during tough financial times.
If using the cash advance service becomes inevitable, you have to make quick payments so that interests are kept low. You need to be very disciplined with your finances from then on. You might need to designate some amount to pay off the debt. It may take long to do this but you have to do everything you can to avoid credit woes.
If financially able, pay more than just the minimum to significantly reduce the burden. Be prompt with your payments to avoid penalties. Do not acquire a new cash advance while the original debt remains outstanding.
Instead of working hard to pay for your cash advances, there are ways you can make your cash advances work for you.