When You Can’t Pay the Bills

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If you’re struggling financially and it’s gotten to the point where you can’t pay the bills, it can be tempting to ignore the problem completely, let the bills stack up and avoid facing your fears. Sure, that might work for a little while, but sooner or later, your inaction will catch up to you, and you’ll be inundated by calls from your creditors and visits from the repo men. Doesn’t sound so good, right?

No matter how hard it might be, it is always better to face your financial problems head on and do what you can to take control of the situation.  It probably won’t be easy, but it could mean the difference between losing your stuff and just staying afloat.

If you’re struggling to pay the bills right now, here’s a plan of action, which should help to alleviate some of the most pressing issues:

Cover the Essentials

If you can do nothing else, you absolutely must work hard to cover the essentials in life, namely your home, food for the family, heat, and light, and the things you need to work. Everything else can wait, but these can’t so do what you can to pay these bills before you worry about anything else.

If you can’t pay even these most basic bills, you’re going to have to rethink your priorities. If for example, you can’t quite cover the cost of your rent each month, no matter how much you love your house, you might need to downsize, and if you can’t afford to feed your family, it could be time to cut out any non-essentials from your budget. If that isn’t enough, look for local food banks who might be able to help you out. It might not be the most fun way to live, but it doesn’t have to be forever.

It may also be possible to talk to your utility companies and come to some kind of arrangement whereby you can pay a little less for the your heating and electricity bills, until you get back on your feet.

Check What You’re Entitled to

If you’re really struggling, it might be that you are entitled to certain benefits, which could make life easier. So, check to see if you’re entitled to anything and make the relevant applications as soon as possible.

Deal with Your Debts

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The basic bills might be more important, but that doesn’t mean you shouldn’t also take care of your debts. If you can, try to at least pay the minimum repayments each month. This won’t really tackle your debt, but it will keep your creditors at bay and give you some breathing space to sort out your finances.

If you’re struggling to make repayments, first get in touch with your creditors, explain the situation and they try to strike a deal that you can afford. If this isn’t possible, check out this list of the best debt consolidation companies in the country to see what you can do to make your debts more manageable. If you do nothing, the repo men will almost certainly come calling, but if you make payments, no matter how small, and keep in touch with your creditors, you can hold them off.

Have you struggled to pay the bills in the past? How did you get things back on track?

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