Should you get a cash advance on a credit card?

MAY BE RECEIVING FOOD OR GIFT CARDS, BUT THEY STILL NEED CASH FOR RENT AND OTHER EXPENSES CONSUMER REPORTER JOANN MERRIGAN IS HERE WITH SOME FINANCIAL "DO'S AND DON'TS" THINK TWICE BEFORE GETTING A CASH ADVANCE ON THAT CREDIT CARD

JOANN? SOME FEDERAL EMPLOYEES MAY BE THINKING THAT CREDIT CARDS OR QUICK TYPES OF LOANS ARE THE EASIEST WAY TO GET CASH BUT THOSE OPTIONS MAY BE MORE EXPENSIVE THEN THEY REALIZE WHETHER A FEDERAL EMPLOYEE OR JUST IN A FINANCIAL CRISIS – YOU MAY HAVE IDEAS FOR QUICK CASH BUT ARE THEY THE BEST IDEAS? LYNNETTE KHALFANI-COX / "THE MONEY COACH DON'T TURN TO THE PAY DAY LENDERS" "YOU MIGHT NEED TO GET SOME LOAN DEFERMENTS, YOU MIGHT NEED TO BE ABLE TO NEGOTIATE TO MAKE SMALLER MINIMUM PAYMENTS" IN THE CASE OF FEDERAL WORKERS – MANY CREDIT UNIONS ARE OFFERING INTEREST FREE LOANS – WHICH IS LIKELY YOUR BEST OPTION IF YOU'RE NOT SURE YOUR CREDIT UNION IS OFFERING THIS – YOU SHOULD ASK WHAT IF THE ONLY OPTION IS A CREDIT CARD

HOW ABOUT A CASH ADVANCE? BILL HARDEKOPF, LOWCARDSCOM "SO IF YOU'RE EVER CONSIDERING A CASH ADVANCE ON YOUR CREDIT CARD YOU SHOULD PROBABLY WIPE THAT IDEA OFF YOUR LIST, IT'S NOT A GOOD DIEA IT'S A MUCH MORE EXPENSIVE LOAN 2:45 SO THAT'S NOT SOMETHING THAT WE RECOMMEND" BILL HARDEKOPF WHO RUNS THE WEBSITE LOW CARDS DOT COM SAYS WITH AN INTEREST RATE ON A CASH ADVANCE OF PROBABLY 25 PERCENT OF HIGHER – YOU'D BE BETTER OFF TO JUST MAKE PURCHASES WITH YOUR CREDIT CARD BECAUSE THE AVERAGE INTERSET RATE IS MAYBE 16 PERCENT HE ALSO SAYS IF YOU'RE IN TROUBLE ASK FOR HELP FROM THE CREDITOR BILL HARDEKOPF, LOWCARDSCOM, "MY FIRST PIECE OF ADVICE WOULD BE TO CALL YTOUR CREDIT CARD ISSUER AND EXPLAIN YOUR SITUAITON AND SEE IF THEY CAN GRANT YOU SOME GRACEAND NOT CHARGE YOU INTEREST FOR A CERTAIN PERIOD OF TIME

" HE ALSO SAYS IF YOU HAVE THE OPTION – GET A NEW CARD WITH A PROMOTIONAL ZERO PERCENT INTEREST RATE BILL HARDEKOPF, LOWCARDSCOM "THERE ARE A SIGNIFICATN NUMBER OF CREDIT CAREDS RIGHT NOW THAT OFFER A ZERO PERCENT INTRODUCTORY RATE FOR ANYWHERE FROM 12 TO 21 MONTHS" HE SAYS IF YOU'RE USING CREDIT FOR LIVING EXPENSES – AT LEAST YOU WON'T RACK UP INTEREST BUT AS MANY OF US KNOW – AT SOME POINT THE CREDIT CARD BILL COMES DUE

HARDEKOPF AND OTHER EXPERTS SAY TRY TO WORK WITH CREDITORS – MAYBE THEY WILL DELAY SOME PAYMENTS FOR EXAMPLE BUT MOST DON'T RECOMMEND QUICK HIGH INTEREST TYPE LOANS OR THE CASH ADVANCE – THEY SAY WHEN YOU PAY DOES RESUME – YOU WILL JUST OWE MORE JOANN MERRIGAN, WSAV NEWS 3 "NOWYOUR STORM TEAM 3 WEATHER