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Need quick cash? Avoid these 6 traps

6 quick cash traps to avoid
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6 quick cash traps to avoid © Temych - Fotolia.com

6 quick cash traps to avoid

Even as the economy slowly improves, many cash-strapped Americans are still looking for quick and easy ways to drum up the resources to stave off foreclosure, fill the gas tank or simply put food on the table.

According to research by The Pew Charitable Trust released last year, 12 million Americans take out payday loans every year at 20,000 storefronts, websites and, in some cases, banks.

While there's nothing wrong with attempting to pull down the dollars quickly, desperation might lead you to make decisions that satisfy an immediate need but place you in worse financial straits than before. If you've been trying to think of ways to raise cash quickly, here are six traps you would do better to avoid if you don't want to pay a big price.

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