![]() They allowed me to defer two months worth of payments without penalty. They were really helpful and appreciated that I was proactive and up front with them rather than defaulting on my loan. I asked what we can do to keep me in my vehicle and keep them happy. When I was in this situation, I called the company holding the loan for my truck and explained the situation to them. If your situation is temporary due to a large unexpected expense, layoff from work or something similar, you might want to propose a reduced or deferred payment for a couple of months until you can get back on track. It’s a good idea to have a couple of ideas prepared that you can propose to your creditor. If you choose to ignore the problem and not reach out, they’re going to send your debt to collections which can ruin your credit and hassle you with endless calls from collections agencies. Generally, creditors will appreciate it if you’re up front with them about your situation, and contact them to work out a payment plan. Related Post: The Complete Guide To A Zero Based Budget Contact creditors to negotiate reduced paymentsīeing proactive with your creditors can save you a world of hassle. Be ruthless, you’ll thank yourself for it later! You might even be able to sell your car and use Uber/bus to get around until you’re back on your feet. Even if it means parking the car and riding the bus for a few months to save on gas/insurance. You probably feel like there’s nothing left to cut but the reality is, most of us can eliminate some things from out budget. Here are some things that most people can cut from their budget with examples of cost: Do you really need your Netflix subscription when you’re having hard time keeping up with your mortgage payment? Here are some great ideas for cutting your budget. You can put together a simple budget in less than 15 minutes. What you’ve been doing up to this point has gotten you into debt and it’s going to take a new plan to get you out. Whether you have a budget or not, at this point, you should take some time and put together a new one. ![]() Add up all of your debts and take down the total so you know exactly how much you owe overall. In order to start fixing the problem, you need to make sure you fully understand it. You can do this easily and for free with a simple Google Sheets project. In a separate column, note how much you are behind on the bill, if you are behind. ![]() Make a list of all of your debts including the interest rates from biggest to smallest. Now it’s time to get a clear picture of where you’re at. Take as much time as you need to get yourself in the right headspace to start solving the problem. If you’re going to get out of this situation you need a plan, and it’s much easier to put together a plan when your head is clear. Instead, take some deep breaths, go for a walk, do some yoga, head to Dairy Queen and get yourself a blizzard or whatever you need to do to calm down. If you’re like me, your first instinct might be to panic. Falling behind on your bills can be incredibly stressful. Keep reading to find out what to do when you’re behind on your bills. It’s possible to get out but it takes some planning and it takes some sacrifice. You may have gone through something similar in your life, where you actually feel like you’re drowning under the burden of debt and payments. Steps to Take When You’re Falling Behind On Bills
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