If your phone is ringing off the hook from lenders calling to harass you concerning making a bill payment please understand there are procedures you can take to deal with them. If you don’t have any money to pay them then what can you do. This does not imply you don’t own any money at all, you simply do not have sufficient money to meet your requirements and pay them too. Here are some steps to consider if you are in a situation like this.
The fundamental factor you want to do is to take care of you and your families well being. Without your health you have nothing period. For that reason, there is no purpose in stressing out because you have got to take care of your crucial requirements. Please understand your children are more important than your debts and you should never sacrifice them for a creditor.
Through whatever money you retain take care of your fundamental needs like health considerations, clothing, health, dwelling place, etc. Everything else after that is a luxury. Always remember to pay yourself first after you get some money. That implies you compensate yourself before you pay any creditor. You are first entitled to receive the benefits of a hard days work before you give to anyone. Thus simply allocate yourself the first ten percent of your aggregate salary if you make more than minimum wage.
Paying yourself first and storing away that money is necessary for many reasons here are a few: You need to possess an emergency fund to acquire groceries and extra supplies providing you find yourself with no salary all over again. This will take the stress out of the next lean period because there may potentially be another one later on in your life.
The final thing you ought to worry about is your credit ranking. There is no real need to add on more debt if you already have a working plan to eliminate your current debt. A helpful way to look at this way is to think of it as insurance to help put a stop to you from getting into credit card debt in the future. Just in case you are not aware creditors only make profits when they have outstanding loans out and people are paying them back. Within a few years after clearing up your debt they will be back offering you more credit card offers.
A good scheme is to overlook the credit card debt collectors when they call or else compose correspondence. When they write simply discard their mail and when they call just don't pick up the phone. They have just one mission in life and that is to grasp whatever they can, however small or large that amount might be. Do not take it to heart when they say they will get an attorney. They are not going to take any authorized prosecution because it does cost them way more than the credit card debt alone plus they have an obligation to the bottom line.
To finish please be aware of these 2 concluding feelings, at the time you have defaulted on a debt the bank or credit lender that loaned you money has 2 options, a write off or property repossession. When 6 months have passed all unpaid debts are written off. When you have a full six months of emergency money, keep in mind that your emergency savings are not to be depleted unless for an emergency, your recurring savings at this instant goes to getting rid of your debt.
Author Resource:
Save money on personal checks by bypassing your bank and ordering from their supplier visit bradford exchange checks .
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")