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There are times that we may fall short with our finances. When it happens, you must remember that dealing with it is the best thing to do. It's not going to help if you will hide or run away from it. Financial difficulties is the type of problem that will not just go away. You need to do something about it.
These are the best steps to face your creditors. You will need to talk to them and advise that you will not be able to make the payment on your due date. Negotiate and set a date when you will be able to make your payments to them again. You will also have to be aware how much will be the interest of there's any and set the amount you can afford in order to pay out the balance.
If you happen to be unemployed, which is the reason of this late payments, you have to stick within the budget until the time you already have your first pay check. It usually takes a month before you get paid when starting with a new job.
In order for you to survive and pay your debts, you have to make a plan on how you will do it. Make sure that you will always have enough for your basic needs. It doesn't help if you pay all the money you have to your creditors. Remember, you need food and cash for you to get by.
Sure, once you get your salary you may have the desire to buy something new for yourself like a nice pair of jeans or shoes. Before you do, think about your budget. You are still in the process of paying your dues. Delay gratification. You can buy anything you want once you can already afford it.
Having a credit card will actually help you out in this situation. You might think that you can no longer use your card as you have it maxed out. But you can extend the power of money out of it. Don't just pay the minimum especially your in the situation that you are in need. Pay up a certain amount which you usually set aside for food and other things you need everyday. That way, you are able to pay your credit card and you can use it for grocery once the payment had been posted. That's hitting two birds in one stone!
It helps if you will not just wait from paycheck after paycheck. You will need to have an extra income. That way, you can have an additional amount to lessen the time that you have to pay off those debts. Everyday you add time on it means additional money for you to pay. You can go online and search for the jobs you can do during your free time. That way, you will be able to stay away with spending since your busy enough to even get bored.
Sure, it might not be a good time to do this as you are in the process of paying up your debts. That's very wrong! Whatever your situation is, make sure to always pay yourself first before anyone else. It's for your future. Remember, time is very crucial. Once you missed it, you can never have it back. So make sure you save something for your future. It doesn't have to be a lot. A small amount will do. Just keep on doing it and it will grow over time anyway.
There you go! Hopefully these pointers will help you out to handle the late payments and debts you currently have. Remember, it's just simple math. Believe in yourself that you can do it!
For the first time in 32 years, I was late paying a water bill. I paid the $13 penalty as I was very busy with some family matters. I called the utility company today and was told they have a policy of waiving one late fee every 5 years.