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Are you in over your head? Do you wonder how you will make the minimum credit card payment every month? Do you think you will NEVER pay off those credit cards? If you answered yes you are not alone! Do not let the stress of bill paying keep you up at night.
Beware of the debt consolidators who guarantee to negotiate with your creditors for lower interest rates and all you have to do is make one low monthly payment. Typically they add is a fee to cover their costs, which can be as much as 10%. Why pay them when you can pay this additional money to your monthly credit card statement?
Also beware of payday loans or cash advances, as the repayment terms may not be favorable for someone who is already struggling financially. While these may seem like an easy way to make it to the next paycheck more longer term goals should be set.
HOW DO I GET BACK ON MY FEET?
Develop a budget that you and your family can live with. Try cutting back on the "luxuries" of life.
Think about these:
Cutting back on eating out, take your lunch to work instead of hitting the cafeteria or the fast food restaurants--$6 value meal x 5 days a week=$30, $120 a month, or $1440 a year!!
Stop at that local coffee shop?-- $4 coffee x 5 days a week=$20, $80 a month or $960 a year!
Rent a movie vs. going to the movie Theatre: $.4.50 to rent vs. $7-$9 per person to go to the movies.
Cell Phones, only get a plan for your needs, but yet make sure you are getting enough minutes as going over your allotted minutes can quickly add up to a hefty bill.
Have 300 cable channels and only watch 20? Switch to a lower plan to help save some money, or better yet a lot of companies now bundle services together and you can get a better deal on phone, cable and internet.
Call your Credit Card companies and if you are behind work out a payment plan with them, let them know you are having difficulties. DO NOT dodge their phone calls!! If you aren't behind yet, but feel difficulties arising, call the companies and see if you can get a lower interest rate (typically this will only work if you have a good credit score as well as have been paying your bill on time) By calling and explaining your situations you can avoid your bills getting turned over to collection agencies.
Loans (Car and Home) again, call the companies and explain the situation. DO NOT dodge these calls either. Work out payment plans with each company, companies would rather have SOME money then NO money.
Having financial difficulties can be stressful enough, then adding bill collectors calling you day after day only add to the stress--- by calling ahead and explaining your difficulties you can head off a lot of extra stress and you will find that financial institutes will be willing to work with you. DO NOT GIVE UP HOPE!
Lastly, DO NOT GET FORCLOSED ON. Sell your home and MAXIMUM VALUE for it before you let the lender take it from you for a fraction of what it is worth. If you need a Raleigh REALTOR® to help you, contact your Allen Tate Raleigh real estate agent Jamie Harrison who will help you sell your home quickly.
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