It can happen to anyone. You find that the money you have earned just won't go far enough to pay all your bills. It could also be that you have been laid off or are on medical leave. Whatever the reason, there are bills that aren't going to be paid if you run out of money. What can you do to make it through a rough time?
There is help out there, and a few steps you can take take.
Prioritize Your Bills First
You most likely have more than one bill you must pay. The first thing you need to do is prioritize them in order of importance. This means the ones that are most important need to be paid first and on time. Any other bill that ranks further down the list of importance can be put off until you have more money to pay them. Your credit score, if you are worried about it, can recover fairly quickly.
The bills that are the most important will include rent or mortgage payments, food, utilities, and childcare. You may also need to protect car loans or other transportation costs so you can get to work. If you need people to get in contact with you through your phone or computer, this needs to be a priority too.
Find Out Your Time Limits On Payments
Most bills will have a bit of leeway from their due date before you begin getting calls about late payment. Find out when each of your bills is due and then find out how long the company will wait before they begin demanding payment through phone calls and then transferring you to a collections agency.
You should also know that different bills will have different consequences if you skip a payment or are late paying it. For example, you probably won't get in too much trouble for being late with a credit card payment, but if you are paying child support, you could end up in legal trouble.
Get A Loan To Pay Bills
There are a few things you can do to help you if you are in serious debt, but if bills are piling up and you are in danger of losing your home or needing money to buy food, taking out an unsecured personal loan might be the answer for you.
These loans are typically shorter in duration than other types of loans and might have a higher interest rate if your credit score is low. You should always look around at multiple companies to find the best interest rates and potentially best terms, such as longest payment time, before deciding on one loan services company.Share
13 April 2019
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