If you’ve reached my website, you’ve probably done all you can to reign in your spending. You’ve worked through all kinds of budgets, analyzed your sources of money, and worked hard to get back on top of your bills.
First, I’m going to list some hints that you’ve probably heard before.
Cut Unnecessary Expenditures to a Minimum
Wherever possible, slash any goods and services that you’re paying for down as much as possible. Avoid purchasing food from restaurants, cut out the channels from your cable package, and look for inexpensive alternatives like rolling your own cigarettes if you’re a smoker. For essentials like utilities and food, use cost-saving strategies like making sure to shut off lights and electronics that aren’t in use. Small cuts can add up to a significant amount of cash when extrapolated over time, but they won’t likely solve a serious debt crisis on their own. OK. What else is there?
Consolidate Your Debt and Prioritize Debt by Interest Rate
Putting your hard-earned dollars towards paying back your debts only to find the amount you owe barely trickling downward can feel downright demoralizing. In cases like this, you can blame the interest charges that accrue over time, so fight back by looking for a consolidation loan that you can use to pay off higher interest debt.
If you can’t find a consolidating loan or don’t qualify for a large enough loan to bring all your debts together, order your remaining debts by their interest rate, not their dollar amount, and put any debt repayments towards the top of the list. Over time, this tactic will save you money and is widely considered to be the go-to debt repayment strategy.
That Didn’t Work. What’s Next?
Ok, that’s enough advice on how to cut expenses. What happens when you have already cut your expenses down to the bone and you still can’t make ends meet? Trust me, I understand. You’ve done all you can, but debt collectors keep calling, the paychecks are never enough, and the future looks uncertain. As scary as these times can be, there is a way out. And I can help. Contact me today if you’re facing trouble with your finances. Together we’ll find a solution to your situation so that you can rest easier.
Consider Bankruptcy
Filing for bankruptcy can help reset your finances. Bankruptcy is a complicated process that scares many people off by the name alone, but it is a valid solution for those who have no other recourse. To find out whether bankruptcy is the right choice for your financial situation and to learn more about what it means for your future, let me help walk you through the process.