Getting Behind
Getting behind on your debts owed can be a very frustrating and trying time for you and your family. Depending on how far behind you are, there are other repercussions, such as your credit rating, that will affect you further down the road.
Examine Why
Why did you get behind in the first place? This is a very important question in helping you understand what you need to do to get out of this predicament, and prevent your self from getting into the same or similar situations in the future. Was it your spending habits or not properly planning for emergencies? In any case, track down the cause, change your spending habits, and you will bring about a different effect.
Create a Budget
The necessary evil. This is where many people get tripped in planning for their financial future. Creating an accurate budget allows you to see exactly what is coming in and going out. It allows you to see what you can put away for Christmas, birthdays, office parties, etc. When trying to determine how to pay your debts, this is one of the first steps towards and informed decision.
Cut Your Bills in Half
Sometimes, it may come down to paying on the debt or eating. We know who wins this. The way I have found that both sides can somewhat win is to split your debt payment into two. If you get paid this week on Monday, talk to your creditor and ask if it is possible for you to pay half this check, and half the next. Rather than get nothing at all, most creditors will agree.
Add a little extra each payment. If you have a bill that costs you $50 a month, sending $30 each pay period probably will not hurt you as bad, and you begin to get ahead of your payments if you pay the little extra. Getting ahead of your payments can save you money on the interest that you are paying, provided you note the extra money is toward the principal. Some companies apply the extra money accordingly, whereas others need it to be specified.
Get Money Wise
For you to be reading this article, lets me know that you are working on this. Read as many articles and books as possible, as this is your ammunition to fight the war against debt. Also, you may be able to help someone else overcome these issues such as a loved one.
Take Action Today!
There is no better time than the present to get started. The sooner you begin your financial action plan, the sooner you will be saying good bye debt, hello financial freedom.
Gordie Prescott is a motivational speaker and success coach in the areas of personal, career, and financial success. Gordie also owns GordiePrescott.com and the Money Matters website.
|
|
|
|
|
|
|
|
|
|
|


Debt is quickly becoming an epidemic in America. However, through... Read More
Debt is not much fun and when faced with it,... Read More
There are many debt relief programs out there both off... Read More
Ask a friend what resolutions they made for 2004 and... Read More
A few times I wonder what sort of credit system... Read More
It has been said that everyday more and more people... Read More
There are some new bankruptcy laws going into effect before... Read More
What is Credit?Credit means that you are using someone else's... Read More
Educating yourself about the ins and outs of debt negotiation... Read More
Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More
Many people have been taught that you cannot get ahead... Read More
If you are determined to pay credit card debt off... Read More
1. Eliminate the legal obligation to pay many of your... Read More
Credit counseling is a viable option for those who are... Read More
Bankruptcy is one of the most difficult things a person... Read More
At some time or another during our lives most of... Read More
(Money You Don't Have to Pay Back) 1. One way... Read More
Incredibly, since the changes in the bankruptcy law in April... Read More
Congress recently passed sweeping legislation that will significantly reform American... Read More
As consumer debt continues to spiral out of control, debt... Read More
For most Americans, credit card debt is a dangerous and... Read More
Filing bankruptcy is not fun! It is a last resort... Read More
Honorably and ethically rid yourself of burdensome debts using the... Read More
A History of Money and TradeTo start with a history... Read More
WILL MY CREDITORS STOP HARASSING ME?Yes, they will! By law,... Read More
So you've screwed up. You're drowning in debt. Maybe the... Read More
It's difficult not to be concerned when facing numbers like... Read More
Many Christians feel uncomfortable with the notion of being in... Read More
What is debt settlement?Debt Settlement is a process to settle... Read More
This May, the Department of Trade and Industry in the... Read More
Happy Independence Day from The Money Motivator!If you don't celebrate... Read More
There is a law all smart people break.Parkinson's law.Parkinson's law... Read More
When you find yourself thinking about using a credit counseling... Read More


If you are considering bankruptcy as a solution to your... Read More
Amy Wright, 34, was extatic when her realtor showed her... Read More
Most Americans are aware of the sweeping changes in U.S.... Read More
Do you, like millions of other Americans, feel like you're... Read More
With medical collections costing doctors millions upon millions of dollars... Read More
I'm not sure where it originated, but I've heard it... Read More
Want to know if your attitude towards your finances is... Read More
A "bad credit home loan" can help you climb your... Read More
You go to the mail box and scan - a... Read More
Troubles with Global Economy; Do you see future problems with... Read More
Recently passed by Congress with overwhelming support, the oddly-named Bankruptcy... Read More
If your financial worries are preventing you from sleeping at... Read More
There are many debt relief programs out there both off... Read More
The idea of moving abroad to escape debt seems to... Read More
Do You Need to Join a CCCS - Consumer Credit... Read More
Debt management (specifically unsecured) is the first step to taking... Read More
With the high cost of gasoline and the amount of... Read More
No, that's not a misprint. Even though falling interest rates... Read More
Many consumers that are bogged down in debt frequently turn... Read More
Filing bankruptcy is not only a last resort legal action;... Read More
Here is a useful guide to bankruptcy. It should be... Read More
Bankruptcy and Credit - What Happens After Your Debts Are... Read More
1. Eliminate the legal obligation to pay many of your... Read More
Financing a college education is one of the more expensive... Read More
Having something tangible to strive towards can work wonders for... Read More
In this era where we are bombarded daily with commercials... Read More
It has been said that everyday more and more people... Read More
WILL MY CREDITORS STOP HARASSING ME?Yes, they will! By law,... Read More
Let's look at a real world example: A woman purchased... Read More
There is a law all smart people break.Parkinson's law.Parkinson's law... Read More
What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More
So you are getting collection calls? You're desk is full... Read More
Nathaniel Hawthorne's book The Scarlet Letter states in Chapter 2,... Read More
Debt Relief |