Avoiding payments also means creditors can sue you for unpaid bills. If you’re dealing with a heap of credit card debt, it might be worth picking up the phone and trying to get credit card debt relief through negotiations with your credit card company. Visit the coronavirus. Talk to your credit card companies.
What can I do if I can’t pay my debts?
Now that you know where your money needs to go, you need to create a budget — a plan that will take in the money you expect in the coming months and determine how you’re going to spend it. It can be scary when you’re unable to repay your debts, and dealing with calls from collection agencies is stressful. While you may or may not be able to come to an agreement with them, whether it’s negotiating a lower interest rate, a repayment schedule that fits your budget, or a type of debt settlement that allows you to pay less than the balance you owe, a Credit card companies are sometimes more flexible than you. expected.
How do I get out of debt without money?
If your credit rating allows it, you can consider a balance transfer offer from one of your credit cards. Once you’ve listed all your takeaway salary and all your expenses, take a look at what’s left at the end of the month. With your debt list, start working on a budget to compare how much of your money is spent each month covering minimum debt payments and living expenses with the income you have. If taking on a second job sounds exhausting, make it in the short term to earn enough for a few extra payments on debt.
References:
- https://www.stepchange.org/debt-info/credit-card-debt.aspx
- https://www.consumerfinance.gov/coronavirus/managing-your-finances/what-do-if-you-cant-pay-your-bills/
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.