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7 ways to bring your family out of debt
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There are a lot of ways the improper handling of finances can jeopardize you and your family. The cost-of-living continues to get higher yet your income doesn't. How can you make ends meet?
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LOS ANGELES, CA (Catholic Online) - Fear not! You can regain control of your finances with a few simple steps. Crosswalk.com has generously listed ten ways you can get out of debt and Catholic Online has chosen the top seven:
First priority debts like mortgages, child support or anything send to collections should be paid off immediately. Following that, credit cards or loans with high interests should be taken care of.
2. Be honest and contact your creditors
Now that you know what to prioritize, remember the truth will set you free... or at least help you out a bit. If you let your creditors know you can't pay on time they will work with you. Remember, they want your money as badly as you want your money, so be open and honest. Contact them and see if you can lower your monthly payments or.
3. Ask for assistance and advice
For people who don't know how to proceed alone, there are several non-profit organizations that can assist you with the process. Offices of the Consumer Credit Counselling Service are almost everywhere in the U.S. and can help you create a repayment plan.
Contacting your local church, your bank and legitimate online services can provide you with even more information.
4. Cut all credit cards and send them back
When you're in debt, there's nothing more fatal than creating more by paying with credit cards. Until you have paid everything back in full, cut your credit cards and send them back to their issuing companies. This act will cut spending temptations.
5. Pay your creditors
Even if it is little by little or if it isn't the required minimum, paying anything to creditors is a sign of good faith. This is an important step though many throw their hands in the air and ask "why bother?" It is important because you can contact them and ask to lower your payment plan. If they see you are paying, they are more likely to work with you.
6. Plan every penny
Some plans require annual, daily or weekly charges. You know your income and you know how much you spend on everything from bills to toiletries. Plan how you will divvy up every single penny -including adding to your savings and giving to the church.
Tracking down your expenses can help you understand what you can live without.
7. Live simply
Living simply and frugally can help you catch up with every financial up and down while preventing you from boarding a sinking ship of debt. Holding tight to a budget and is possibly the most important thing you can do to get out of debt. Every bill and coin is a reflection of your hard work. Make them count.
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