Tag Archives: payday loan

Jamaican Style Money Guide: Poun’ A Fret Can’t Pay Ounce A Debt

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When we are faced with a difficult situation, sometimes we may not be mentally ready to accept a few wise words of advice. As the saying goes, “Misery loves company,” and very often we secretly prefer to receive sympathetic gestures than to take positive action to eliminate our challenges.

I have found this reality to be very evident with persons who are suffering from money problems. Having experienced many of my own financial crises over the years, I completely understand this ‘woe-is-me’ mindset which tends to trap a person in a state of helplessness and negativity.

Of all the money predicaments that you can encounter, chronic indebtedness is perhaps the most challenging. There is nothing as depressing and defeating as facing unpaid bills, past-due notices and demand letters, and worrying about the legal consequences of your inability to pay. Continue reading Jamaican Style Money Guide: Poun’ A Fret Can’t Pay Ounce A Debt →

Jamaican Style Money Guide: Short Cut Draw Blood

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Many of our Jamaican proverbs are light and witty; while they give us pause to think, they usually also give us a hearty laugh. However, there are other old-time sayings that contain dire warnings which explain the problems that we will bring upon ourselves if their messages are ignored.

One ominous Jamaican adage that is often used for cautionary advice is, “Short cut draw blood.” This succinct saying has a clever twist on the meaning of the word ‘cut’; while a short cut can be a quicker way to reach your destination, the word cut can also connote a type of physical injury.

It’s natural for people to seek the easiest route to achieve their objectives, and historically this has helped mankind to develop many important inventions. However, there are times when trying to find the easy way out of a situation can actually cause more harm than good. Continue reading Jamaican Style Money Guide: Short Cut Draw Blood →

Jamaicans in Debt Crisis

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Many years ago, I decided to start a little revolving loan scheme for micro entrepreneurs. I had access to some extra funds and thought that it would be a great idea to help a few business owners expand their operations with small disbursements. With my usual enthusiasm, I found a few persons who needed these services and my new venture was underway.

At first, the results were encouraging. A seamstress was able to purchase raw material for a large corporate order; a small wholesale owner was able to obtain another deep freeze for his establishment; a network marketer was able to purchase a large amount of products for sale to her customers. They all paid back their loans on time and I was buoyed by my early success.

However, some of the other loan recipients did not have similar outcomes. Although they had submitted proposals for how the money could help their business growth, it seemed that most of the funds went to either prop up their budget deficits or pay off old loans. Consequently, several persons found it difficult to maintain payments or kept coming back for more loans. Continue reading Jamaicans in Debt Crisis →

How to Manage Debt Wisely

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Since the beginning of the year, we have been expanding on the elements of our 2012 Money Manifesto. It is possible to create the financial life that you desire by understanding and following the basic principles of money success.

In today’s column, we will take a look at the sixth component which speaks about dealing with debt. Let’s examine some key do’s and don’ts that can help you to manage debt wisely: Continue reading How to Manage Debt Wisely →