One of the most significant stressors in life is money. Whether the COVID-19 pandemic saw you teetering on the edge, or you’ve been battling with your finances long before it hit, it’s easy to feel the weight of the world on your shoulders. However, there is light at the end of the tunnel if you know where to look.
Here are a few things that are worth doing if you’re edging ever-nearer to bankruptcy.
Not being able to pay your bills can leave you with a pit in your stomach. However, many people don’t realize that there are low interest money loans available to help you gain control over your finances.
Using a loan from a reputable non-profit lender can allow you to pay those pressing bills that are threatening to push you into bankruptcy. You can then focus on a single loan to repay with manageable interest, rather than the credit cards and traditional loans that seem destined to plunge you further into debt.
It’s never a nice feeling having to downgrade the family car, sell off your prized coin collection, or give up your expensive jewelry. However, sometimes, it can be the best way to dissolve that dark cloud of bankruptcy hanging over your head.
There are plenty of free platforms that allow you to sell your goods online to save on fees. For example, the Facebook Marketplace and social media groups allow for easy sales online. These listings have an audience of around 800 million.
See a Consumer Credit Counselor
Even though the COVID-19 pandemic has seen many businesses and corporations file for bankruptcy, it’s not a new thing. Without being able to satisfy creditors, it can seem like your only option.
However, it can be worth seeking out a consumer credit counselor who can work with your creditors on your behalf. In fact, new laws dictate that before filing for bankruptcy, you must see one. They have the experience necessary to work out a debt management plan that fits your budget and potentially allows your creditors to see their money.
Talk to Family and Friends
They say that a problem shared is a problem halved. While the original adage refers to non-financial issues, there’s every reason to believe your loved ones can assist with your debts. It’s never the greatest idea to borrow money from friends or family members, but if it’s your last option before bankruptcy, it may be worthwhile.
If you decide to travel down this road, make sure you get everything in writing – from the amount you’ve borrowed to the interest rate, per-week payment amounts, and timeframe. That way, nothing is unclear, and the debt can tick down in the background without it affecting your relationship.
Talk to a Budget Advisor
When you’ve got a pile of unpaid bills and a smaller pile of available funds, it can seem like the only option is bankruptcy. Talk to a budget advisor, and they may be able to reveal other options. They can work through your incomings and outgoings and help you come up with ways to cut costs. Some of the best budget advisors can find spare money where you didn’t think you had it.
Once you’ve gone down the bankruptcy route, there’s no going back. Before you get to that point, weigh up the other options at your disposal. You might not be able to pay your debt down at lightning speed, but you can at least satisfy your creditors without having a black mark against your name. See the experts, consult your loved ones, and get the ball rolling.
Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.