What To Do If You Can't Pay Your Bills
Have you ever had a month where the money ran out before the end of the month
? Most of us have. Unfortunately, billing companies don't seem to care if your daughter broke her arm, the air conditioner broke down in the heat of August, or the car's engine needed to be replaced. Bills are due just the same, whether you have unexpected calamities or not.If possible, it is always a good idea to have a small emergency savings account for just such emergencies. However, a lot of us are just getting by paycheck to paycheck, and we need to look at other credit options until we get to the point where we can establish a short term cash emergency fund (and keep enough in it so it's there when we need it!).
When unexpected bills come up or costly repairs drain our monthly balance, you do have options. Often times, people panic and don't know what to do. Usually people don't do anything, allowing bills to go unpaid or to be late. This isn't so good for your credit history, plus the late fees really add up.
If you ever find yourself in a situation that you can't pay bills, you do have options. This is important to remember. Let's take a look at our options.
What to Do if You Can't Pay Your Bills
1-You can go ahead and pay overdraft fees, or check bounce fees, hoping that they won't be too huge and that somehow things will work out. This can be risky, since you can incur several overdraft fees for one check, if the company you paid (such as your electric company) keeps sending in the check over and over. Potentially, this can be a very costly option, although it has happened to most of us once or twice when we weren't paying as close attention to our finances as we would have liked to.
2-You can choose to allow some or all of your bills to go unpaid until you have the money to pay them. Of course, this has some serious consequences too. You may have your water, electricity, or phone lines cut off. Maybe your Internet or cable will get disconnected. Generally these companies have some sort of reinstatement fee that you will have to pay to reconnect the service. So, if your electrical bill goes unpaid, you will still owe the amount you haven't paid, plus a reconnection fee once you are able to reconnect the service.
3-You can obtain some form of short-term credit, then pay bills on time and spend money very carefully once you get your next paycheck so you can pay off your short-term credit loan as soon as possible. You can obtain a Payday loans in Nevada or a cash advance in Utah to help you pay your bills on time.
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