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Payday loans are known for their convenience — and their very high interest rates. This is why many people treat them as last resorts rather than as a regular option every time they need money. Most payday loan interest rates start at 20%, and some even go as high as 60% compounded. So despite the ease of application and the speed of processing, you still have to consider how much that borrowed money is really worth.

For people who are burdened with many debts and who have taken out payday loans to keep up with their financial obligations, the latter was probably not a wise decision. Payday loans are also called “costly cash” because of the high interest rates. Additionally, payday loans are more demanding than traditional loans in many respects.

Once you get your paycheck, do not go to malls and take a stroll to see the sale items. Do not revisit that dress that you liked in an online boutique sale. Stop spending for overpriced coffee every morning. Now that you’ve made a high-commitment loan of the payday loan variety, you must control your relationship with money because you’re facing different risks.

Your first goal is to pay off your payday loan and any other loans you may have. This means you will almost certainly have to sacrifice. In a few paydays you might be able to get back on your feet and return to your cash-confident life. But for that to happen, you have to first erase all the debts in your name.

You must exercise discipline and control not just to erase debts, but also to create an improved financial management outlook. This way, at the end you will still come out as a winner—debt-free and financially independent.