There is nothing as worrying as seeing your debts increase. The higher outstanding balances and follow ups from creditors for past due payments are sure to snatch away that peace of mind.
Now the question is, what could you do ? how would you take back control ? Well, the solution is not easy , yet not impossible if you are consistent and committed. Here are 10 steps that might come in quick relief :
1) Do a Budget – Irrespective of someone indebted or not, budgeting is mandatory. It would help you keep track of your finances and plan accordingly. A good idea is to do an income expenditure analysis and figure out what portion of the earnings can be dedicated to paying off past due accounts.
2) Cut Expenses – Consider reducing expenditures. You might want to eliminate the luxuries and focus on the necessities more. You may also look for discounted items and special deals.
3) Increase Earning –Is there any free time that you are left out with during the week ? If yes, consider doing a part time job. For example, you might want to consider part time internet- based jobs, a hobby that can get you money, or private tutoring.
4) Check Benefits & Entitlements – You might be entitled for benefits that you are not aware of . In many cases, people aren’t well versed with the entitlements they are eligible for. A good idea would be to touch base with your Social Security or other benefits’ schemes to find the scopes. Ten year after her husband died, a widow discovered that she was entitled to a monthly salary from the Engineers’ syndicate (her late husband was an engineer).
5) Sell old stuff - You sure have stuff that you no longer use ( clothes, baby stuff, books, accessories…) These used stuff may be sold through the internet for an extra cash that you can use to settle debts.
6) Prioritize - Prioritize your debts ! For example, your housing loan, utilities and taxes must be paid off first since delaying them may have serious consequences. Then, work on settling high interest debts such as credit cards.
7) Say No To Further Credit – Seeking further credit is a strict “no no”. This doesn’t include refinancing though. You must keep in mind that you already have a lot to handle and you shouldn’t add on to your woes.
8) Look For Debt Consolidation – You might want to consider a Debt Consolidation plan. It would help you settle all your debts through one single loan and then pay off this loan in easy installments that suit your pocket. You can check the debt consolidation loans on bestbankdeal.com.
9) Seek Advice – You could seek suggestions from someone who has walked on the same road as you and has successfully walked out of it. You can also check the instant debt advice suggestions on bestbankdeal.com.
10) Resolve Debt - . You could consider consulting a debt management company, a lawyer, or a financial consultant and use their experience in negotiating with banks and creditors to decrease or even eliminate your debts, especially if you have more than 3 months of unpaid payments. You can check the debt resolving page at bestbankdeal.com for assistance.
Once you have figured out a way to take care of your debts, its time for execution and you must ensure that you stick to your plans. Get your close family members involved so that they are supportive.
Be Vigilant of the Best Offer – Whenever in the future you take credit again, you must look for the best offer, and more importantly an offer that suits your needs. The market is extremely competitive and creditors are finding out new ways to attract customers. Check www.bestbankdeal.com and go for the best offer within your financial capabilities.
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