Behind On Payments? Take Substantial Actions!
It seems debt is the modern day plague that continuously hunts every house owner, apartment renters, condo tenants, and business owners for most of their life. It is a passing ailment, but one that greatly affects the lifestyle and living capacities of most Americans today.
Being behind on payments either on your rent, car loan, mortgage, credit card loan, utility bills, or property taxes will not just give you a disturbing headache but will also threaten the comfort you and your family is enjoying.
In the statistic shown on realtytrac.com, in November 2016 the pre-foreclosure percentage is at 26.6% along with houses being auctioned at 36.7%, and bank-owned at 36.7%.
This is a pretty alarming number, especially for those who are heading down the road of filing for a foreclosure due to delinquent bills.
Effective Planning Sets The Path Right
Occasionally, most of us go through some form of financial crisis. This is a sad but factual truth, which happens everyday where people struggle to make ends meet despite having to slave after two different jobs or work on extra shifts.
Our financial consumption both increases and decreases over time, and it is within our hard work and perseverance that we could make it through until the next set of bills come in. So how do you effectively plan to help eliminate past dues and unpaid payments?
Understand Your Current Financial Status
Making a list of the items you need to pay for on top of the bills already lying on your study table can be frustratingly unhelpful. But this must be done. Assessing how deep your debt is will help you determine the action steps you are willing to take.
Take for example the old but helpful Thesaurus. When you use it to look up for a meaning of a word, it doesn’t just give you what you want to know, it also gives you alternative words you can use, which may help you construct better sentences. The same idea applies to listing your liabilities and the inventory of your assets.
Set Your Priorities Right
The most tempting humanly desire is to want something you can not afford. If you are about to drown in payments you haven’t paid off yet, any new expenses, in whatever form or kind, must be put on hold. Don’t get tempted.
This is often the hardest part, but by weighing in the weight of your needs versus your wants, figuring out where your funds should go wouldn’t be much of a task. Setting priorities and knowing which things come first will ultimately lessen the chances of having past dues.
Plan The Next Move
Now that everything is presented in a better light, arrange the bills according to which need to be paid first and account them on every possible income. Then the reduction of expenses, in any way possible, will come next. By reducing your expenditures, it doesn’t just help save for paying the current bills, it can also help take care of the upcoming bills.
Also, if time allows it, finding more income generating work and activities would bring in a much needed help. Don’t shoulder the load on your own. Whoever is capable of generating an income in the house must contribute.
Check this link for ways to prevent foreclosure.
Consider Other Options
The overwhelming feeling of too many bills to pay, bank notices, and collections reminders sometimes lead to homeowners giving up their homes to relocate or downsize, if it meant gaining the necessary funds to pay off the outstanding statements.
Unlike most home buying companies, Sell Any House genuinely cares for its clients. With the usual 5-day processing, houses anywhere in New York is sold fast, leaving the home seller with a guaranteed fair cash-out, paid in full and sent directly to their bank accounts.
It is a favorable deal in the most unfavorable circumstances.
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