What To Do When You Can't Pay Your Bills
Financial struggles can be a heavy burden to carry. Millions of Americans struggle to pay their bills and live paycheck to paycheck hoping that they will have enough for food and rent each month. If too are struggling and asking yourself what to do when you can't pay your bills, you are not alone, and we are here to help.
Tips And Tricks That Can Help When You’re In Debt
Contact Your Creditors And Lenders
What to do when you can't pay your bills? Call your creditors and lenders to notify them of your situation and to discuss payment options.
Many credit card companies and lenders have financial assistance available and can waive certain fees, reduce interest rates, or give you extra time to pay your bills.
Especially if your financial situation is changing and you are at risk of falling behind on payments, calling your creditors and lenders should be your first step.
Track Your Spending
What to do when you can't pay your bills? Start tracking your spending to see where your money is going. Oftentimes you can catch yourself spending money in the most unexpected places! Tracking your spending means recording every single purchase and payment, regardless of whether it is $100 or $0.50, paid in cash or by credit card, and whether it is a necessity or a luxury.
Make A Budget
What to do when you can't pay your bills? Make a budget and follow it! Once you've tracked your spending for a few months, you can see exactly where your money goes and make the necessary adjustments.
Within your budget include a list of priorities such as rent or mortgage payments, food, utilities, and transportation. After the priorities are covered, you can add in things from the next level of importance, including phone plans, clothing, and other expenses.
Within your budget, you can include anything you feel is necessary and leave out anything you can live without, at least for a little bit. Make sure the amount of money you are devoting to each category makes sense, and that you are not spending 80% of your paycheck on car payments, for example.
Remove Unnecessary Bill Payments
What to do when you can't pay your bills? Any payment that is not in your budget should be removed. If your budget is very tight, this might also mean removing entertainment expenses such as subscriptions for online games or tv streaming websites.
For bills that cannot be removed, such as a cellphone plan, research cheaper plan options that can fit within your budget. Oftentimes, even just calling your service provider and making a small change (or no change at all!) to your plan can save you money every month.
What to do when you can't pay your bills? If the reason you cannot pay your bills is that you have lost your job, make sure to claim your unemployment benefits right away.
Unemployment benefits and the application process can vary from state to state, so make sure to do your research. These benefits are made to help you transition through a period of unemployment and can be very helpful for bill payments.
If you can, continue to actively look for employment as unemployment benefits are only given for a limited duration!
Unexpected Payment? Consider Title Pawns
What to do when you can't pay your bills? Unexpected emergencies happen, and when you barely have enough to pay your regular bills, paying unexpected bills can seem impossible. But it doesn't have to be.
One great option for emergency funds is a title pawn. Using your car as collateral, you can pawn the title of your car for up to $15,000! As long as you are over the age of 18, and own a lien-free vehicle in your name, you qualify for a title pawn.
How To Get A Title Pawn:
- Visit the georgiaautopawninc.com home page to get started on your online auto pawn. Either use the online form or call any of the stores directly to speak to an agent.
- The agent will answer all your questions and confirm you meet all the requirements.
- A meeting will be set up with you to inspect your vehicle and let you know how much you qualify for.
- Once you complete the application process, you receive the money and drive away with your vehicle. It really is that simple!
Benefits of Georgia Auto Pawn, Inc:
- Very fast and easy process
- Up to $15,000
- Money is received the same day
- Any credit is acceptable, including good, bad, and non-existent credit
- You keep your car
- Great customer service
We hope this article helped answered your burning question, what to do when you can't pay your bills, and gave you enough tips and tricks to tackle your missed payments! As always, make sure to start with budgeting the money you have, and only move to a title pawn for emergencies!
Life is stressful enough without the worries of paying your expenses. Don’t wait until the stress is boiling to the top. Get the help you need now with the fast auto pawn money Georgia Auto Pawn, Inc can supply you with today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.