HOW TO NOT PAY YOUR BILLS
We are going to teach you how to not be a deadbeat
when it comes to paying your
It's a tutorial in how to minimize the destruction when you are
unable to pay all your bills.
Not paying bills is one of those
things that hurt your credit.
Most articles offering information about
coping with debt
presume that you are in possession of the funds to pay the majority
if not all of your bills. However, as we all know, that is usually
not the situation. Most people suffer from poor planning, poor
decision making, terrible luck or even a mixture of all of the
above...which equates to not having the money you need.
Succumbing to bankruptcy is unfortunately the end result for
many, but should be avoided if possible. If you feel that your bills
are not that colossal or you think that your financial well-being is
going to get brighter,
is an extreme reaction. It is also possible that you an intense
dislike for dodging your creditors -- even if you are unable to pay
them right now. Is
bankruptcy good or bad?
During times like that, it can be beneficial to put together a plan
develop a budget that will allow you to create some
time/breathing room. This should allow you can come up with a
strategy to get yourself and your financial situation in a better
situation while minimizing the damage.
Don't Ignore Your Debt Problems
Regrettably, most consumers in financial distress merely pull
the wool over their eyes, rejecting to acknowledge their issues
which ultimately makes matters worse. For example, they pay a
utility bill when the mortgage is due purely because the are
receiving pressure from a collector. Or, they discontinue paying all
of their bills because they are unable to pay all of them.
Recognizing what bills need to be paid and which can be put off --
and for what period of time -- is important for your financial
Understanding the Damage
Your credit score is going to be damaged from any late payment
you make. Lenders utilize your the three-digit credit score to weigh
your credit-value. Learn more about
and how credit
scores are computed. Your credit score is very susceptible to 'lates',
though typically you need be more than 30 days delinquent in order
for creditors to report your negative activity to the credit
bureaus. The more accounts you are late on and the longer time you
are late, the more impacted your score is going to be. This damage
can leave its bearing for several years, but it is not everlasting.
The moment you get back on track, you can start the process of
rebuilding your credit.
It is possible that some of your late payments are going to have a
greater impact than others. For example, if you neglect to pay your
rent, your landlord has the right to begin the steps of having your
evicted....which will mean you can be out on the street in a few
weeks time. Auto loan and mortgage lenders are also very volatile.
However, credit card companies, student-loan lenders and cell phone
providers typically will wait several months prior to taking your
accounts into collection.
Understanding the consequences of not paying your bills will help
you set-up priorities. Bills that are considered vital are your
mortgage or rent, all of your utilities (i.e. heat, electric,
water), food and anything that enables you to accomplish work (car
loans, day care). However, cell phones, cable and Internet service
are not services you need to survive and therefore are bills that
you can stall paying if needed. Learn more about
expenses vs. discretionary expenses.
How to Track Bill Payments Using a Spreadsheet Program or Paper
- Ehow provides great info on how to track your bill payments.
Negotiate Out of Debt
Paying Medical Bills
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