‘Tis the season to look back at the Christmas season and ask yourself, “How much did I spend over the holidays?!” It is the New Year, but the month of January is the time when many households deal with the credit card bills, an insufficient paycheck and have sort of a Faustian situation.

Several studies highlight the fact that a majority of consumers have taken on additional debt to cover their holiday purchases. Even those with incomes less than $35,000 added an extra $700 to their debt totals. With a difficult economy, price inflation and bills in the mail for everything, a lot of people are applying for payday loans online and getting hit with exorbitant fees.

However, due to government regulations and short-term loan enterprises making tighter and stricter rules, it could be difficult for some to attain a loan. Therefore, Cash Advance USA announced in a news release Wednesday that it would be relaxing some of its credit requirements for cash advances and payday loans this year.

“Nearly 75 percent of applicants who approach us for low interest cash advance loans report at least some credit issues on their application. We can’t continue to ignore such a large proportion of borrowers and in response to their requests, we have eased credit requirements for our cash advance and payday loans in 2014,” said Mark Miller, founder of http://www.cashadvanceusa.net, in a statement.

Credit scores for most people range between 300 and 850, but the company does provide an array of loan options for those who are in the lower end of the FICO spectrum, including customized selections for customers in need of a loan.

For those who are in serious debt trouble, this company listed some tips that individuals can take to lower their debt burdens, such as establishing a budget, cut back on all kinds of expenses, paying more than the minimum payment on your credit card and even seeking professional assistance to tackle your debt load.

Last year, Cash Advance USA took a number of options to extend its payday loan to more customers. Specifically, it provided several installment payment plans and announced cash advances with no credit checks. It argued that due to soaring healthcare, housing and education costs, bad credit was increasing.

“Borrowing does not solve the problem, but it does buy borrowers some time to work out a long-term solution. The cost of living is more expensive for those in financial distress. If you have low credit scores you pay more for everything: car loans, utility deposits, late fees, insurance, etc.” stated Miller at the time of the press release.

“When bad credit borrowers consider a short-term loan from a direct lender, they do not compare the rates and costs to a bank loan which they can’t qualify for. They compare it to the alternative, which in their case might be a repossessed car, disconnected utilities, or overdraft fees. So in the short-term they save money, even though it is not a perfect solution.”

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