Now that Christmas is past the the bills have arrived it is time to pay up. However, for some that is easier said than done. It is not that people intended to go deeper into debt by getting carried away with shopping but many are feeling the stress of their actions.
So, what is one to do when they are found in this situation?
First, don’t ignore the situation and hope the bills will go away. They won’t. It is important to make a plan to retire debt and start saving-yup, start saving.
Make a list of all the creditors and the amount owed to each one. Note the payment date and do not let that due date pass by. When one misses a payment date the credit card company records that against one’s credit rating. A credit rating is something to protect. Even, if one is to make a minimum payment – do it!
Look at the income and determine what can be paid to each of the creditors. If, one month you can pay off a creditor and give minimum payments to the others it is worthwhile.
Don’t forget – making that payment is so important.
Once a plan is written which would include a budget to manage one’s money, contact each of the creditors and tell them that a plan was prepared and that they will be paid in full. If the debt is excessive, consider asking them to stop the interest charges on the credit amount or at least reduce it. Do it, all they can say is no, but, if they are willing to work with you to pay down your debt, that request could save some money. And that is a good thing.
More to follow…..
That’s the way I see it!