Now, I’ve never been able to visit Miami, but on days like today, when the mercury is really starting to dip (I think it went down to -18C last night), Miami and the beaches start to sound pretty nice!
I suppose, like everywhere else though, there are many struggling financially in Miami, even to the point of taking out car title loans like the ones I mentioned earlier. I think that there are many steps that can be taken before resolving to take loans against already owned assets however.
Before considering taking out an asset based loan I strongly recommend you consider cutting spending drastically. Look for unnecessary ongoing expenses in your pile of monthly bills. Do you really need a cell phone? How about cable television? How about eating out on a regular basis? Do you smoke or drink (that can suck your money down the drain very quickly). Some of these costs can easily be cut because they aren’t vital necessities, and will save you the interest you would incur on a car title loan.
Obviously, not only drastic spending cuts will remove the need to take an asset based loan, but I do strongly recommend you think the situation over carefully before doing so – it certainly isn’t something to go into casually, on a whim, or for superficial purchases. Think it over carefully and examine all of your options before going ahead. Above all – pray for guidance, your Maker knows your needs.