Financial

Get Back on Track: How to Get Yourself Out of Financial Troubles

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Financial troubles are stressful, but you’re not alone. In fact, 135 million Americans struggle with personal finances.

Countless scenarios can contribute to financial troubles. But what do you do if you find yourself struggling to manage your money and pay your bills?

The good news is there are ways you can improve your money issues and help reduce debt. Examining monthly bills, cutting expenses, and talking to lenders are just a few ways you can help alleviate money troubles and get back on track financially.

If you’re interested in learning how to tackle financial issues, then keep reading to learn the best tips and tricks out there.

Overcoming Financial Troubles

At one time or another, you may need to relieve financial stress, taking the burden of money problems off your plate.

But knowing where to start may seem intimidating. Fear not, taking back control of your finances is easier than you think, and completely doable.

  1. Relax and Prioritize

First and foremost, take a minute to breathe. Remember that you’re not alone and that there are plenty of resources to help you get out of debt.

Next, make a list of priority bills, such as food, shelter, and utilities such as water, gas, and electricity. If you have a child, call your utility companies immediately and make arrangements, so they don’t disconnect crucial services.

There are also discount utility programs you may benefit from, so reach out to the National Energy Assistance Referral project, also known as NEAR. You can also contact your local LIHEAP office to find out about qualifying programs.

  1. Contact Creditors

If you have credit card debt, begin by contacting creditors. One issue may be the interest you’re paying each month.

Discuss your concerns and ask about lower interest rates or late fee waivers. You can also ask if they’ll allow you to skip several payments without interest accruing.

When talking to a representative, be sure to ask for an “accommodation,” which means the assistance of financial relief. In addition, ask for your account to remain “current” while you are figuring out repayment options, as not to affect your credit score.

  1. Car Payments

Unfortunately, missed car payments may result in an immediate repossession of your vehicle. Without transportation, you may struggle to go to work.

If you suspect you can’t make your car payment, immediately contact the bank your loan is through and discuss repayment options. There may be a grace period for you to pay your bills late without penalty, or you may be able to revise your payment schedule.

  1. Contact Landlords and Mortgage Lenders

Reach out to your landlord to discuss partial rent payments or deferred payments. Explain to them your situation and try to work something out.

Talk to your mortgage lender as soon as possible about repayment options. However, foreclosures don’t happen overnight. An average foreclosure takes 18 months, while others can take anywhere from 2 months to 2 years.

If you can only afford one or the other, focus on more pressing bills such as food and essential utilities.

Relief From Financial Troubles

Make a list of your bills to prioritize what takes precedence of your financial troubles. Reach out for state assistance, especially if you have children, and contact utility companies to delay payments.

Be sure to check out our countless informative blogs and stay updated on the latest financial resources available. Whether you need advice with managing your finances or need support with your journey to entrepreneurship, we’re your one-stop-shop.

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