Contact your creditors to see if they will give you more time to pay your bills. That way you can pay them when you have the funds available.

Borrow from a friend or family member.

If a loan is unavoidable, shop around. Although payday loans may be the only option for certain borrowers with poor credit, you may be able to find a bank or credit union that will approve a small loan with a reasonable interest rate. Compare both the APR and the dollar amount of the finance charge.

Consider getting overdraft protection on your bank account. You will avoid returned check fees and have a cushion in financial emergencies. If you own a credit card, try taking a small cash advance.

Preventing Financial Emergencies

If you find you are just a little short of cash each month or can&8217;t pay unexpected bills, take a hard look at your income and expenses. Is there any way that you can develop a modest savings plan? If you track where you spend your money, you may find ways to save. Are there some purchases you don&8217;t have to make?

With just $300 in a savings account, you may be able to handle a financial emergency without going to a payday lender. In addition to avoiding high payday loan fees, you will be able to earn interest on your money until you need it.

If you need help preparing a budget, you can get it from a nonprofit credit-counseling agency or cooperative extension agent in your area. Check your telephone company&8217;s yellow pages under &8220;Credit and Debt Counseling Services.&8221;

Dr. Marvin Copes is Education/Community Service Volunteer for AARP Alabama in Maylene. He can be reached by e-mail at mailto:mlcopes@charter.net