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It sometimes requires some difficult decisions to be made to put an end to the payday loan cycle, which is continuous use of payday loans to pay normal living expenses.

A payday loan is designed for emergency situations that require quick cash and a short turnaround. When a payday loan is used for normal living expenses, it can have a disastrous effect on your finances as you try to figure out how to get to your next paycheck with less income since you had to pay a high interest rate on the payday loan during the previous pay period.

To get out of this cycle, you either need to increase your income or decrease your normal living expenses. If you are unable to get a better income and have already cut out all the expenses you can think of, it may be time to consider more drastic measures, such as getting rid of a car or a home.

If you have both a car and a home and are making payments on both, it can be a difficult decision to get rid of one. Looking at the pros and cons of both can help with the decision-making process. It would help to make a budget of your monthly income and expenses to determine how much you need to adjust your expenses so your income can cover them each month.

First of all, you will need to consider how you will replace the car or the home when you get rid of them. If you used the car for work, you will need to figure out how you will get to work without it. Of course, with a home, you will need to find another place to live, most likely an apartment, condominium, or a smaller, more affordable home you can rent or buy.

If you have more than one car, then you might be able to use one car for all your transportation needs, which could make it easier to replace. On the other hand, if it is your only form of transportation to work and other options (walking, biking, or public transportation) are not viable, then getting rid of your home might be the only option for you. Also, if you have an expensive car that uses a lot of gas, you might be able to trade it in on a less-expensive vehicle that is more economical.