How to Break the Loan Shark Cycle

Are you in the habit of relying on loan sharks to get by? Do you continue to take one loan after the next, never knowing how to bring an end to the cycle?

From the outside looking in, it appears easy enough to put an end to this. All you have to do is pay back the money you owe and move on to another form of financing.

However, if you find yourself caught up in the loan shark cycle, you know that escaping is easier said than done.

Here are three simple steps you can take if you want to break free once and for all:

  • Set the goal of paying back every last dime that you owe. It may take you longer than you’d like, but this is the first step in finally regaining your freedom. Once you’re all square with your “lender,” you no longer have any financial obligation.
  • Find a better way. The biggest reason people continue to turn to loan sharks is the ease of borrowing the money they require. While it may be easy, it’s also costly (and sometimes dangerous). You should find a better way of getting the money you need, such as through a personal loan, credit card, or loan from a family member.
  • Realize how much money it’s costing you. Have you ever taken the time to really understand how much it costs to do business with a loan shark? Once you break down the numbers, you may realize that this isn’t something you want to deal with in the future.

So, there you have it. If you do these things, you’ll soon find that you’re in position to break the loan shark cycle. After you break free, you’ll look back and wonder what took you so long to make this move.

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