Need Money? Flashy v. Fast

29 Jun Need Money? Flashy v. Fast

A recent article in the Summer 2009 USAA magazine (published for its members’ benefit) by Lisa Holton provided sound advice on “Where To Get Money Now” — how to manage cash shortages in today’s economy.  Ms. Holton is the former Business Editor for the Chicago Sun-Times and offers wise advice to the USAA readers–to stay away from the flashy, quick fix to financial troubles  while categorizing the options into easily understandable “danger” categories:


  1. Cut your budget
  2. Use your emergency fund
  3. Get a second job
  4. Selling the car
  5. Open a certificate of deposit
  6. Stop contributing to education funds
  7. Spend severance (or all) money wisely
  8. Sell stuff


  1. Sell taxable investments
  2. Ask family (friends) for gifts
  3. Ask family (friends) for a loan
  4. Cash in a savings bond
  5. Consider peer-to-peer borrowing (
  6. Take out a home equity loan
  7. Take a 401(k) loan


  1. Taking cash from retirement  (not only do you pay penalties, you are robbing your future to pay the present)
  2. Using credit card advances (usually a higher interest rate)
  3. Borrowing against life insurance (if you die unexpectedly, the policy loses value)
  4. Take a payday loan (huge interest rates)




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I'm a consumer protection lawyer in Oregon, working with people in Klamath; Lake; Jackson; Josephine; Curry; and Deschutes County. I speak regularly on bankruptcy and consumer protection issues nationwide.
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