When You Owe Too Much Debt And Just Can't Pay
Debt can be a tiring problem that weighs you down and affects your personal life greatly
. But what if you have tapped into all of your resources and still can not free up enough money to start repaying your debts in a major way? You still have alternative. Maybe it is time to think about the big things in your life- private schools, your house, and your cars. Are these things truly a necessity? Another option you have is to go through your house and your things and see if there is anything of value to sell. You can go after more money at your current job, or by taking on a second one. And there are still other alternatives yet. Credit counseling and bankruptcy are always available, but you are not there yet, so for now, take a deep breath and determine what you can accomplish on your own.
If you are a parent with children attending private school, consider moving them from private to public. For parents, the thought of moving their children from one school to another can be overwhelming. If this is not something that you as a parent are willing to do, you can always see about applying for financial assistance from your current school.
It is also a possibility that your living environment is sabotaging your capacity to make ends meet. Just last decade, we were fearful that if we didn't buy at the very moment that we would be priced out of the only neighborhood we desired to live in. It is a difficult choice, but it very well might be that selling your home is a choice that you have to consider. Trading down - switching a larger house for something more manageable and less expensive can be an alternative, but you also might want to consider renting for a while. Bear in mind that if you can keep the cost of moving low, renting will save you the cost of homeowner's insurance. (Renter's insurance is much cheaper.) Other things you will save on include yard care, and commuting costs if you can find the right location to rent from.
If you can wrap your head around it, there is probably another, less expensive way for you to get back and forth to work each day. Think about it. Could you get by without a car for a while? Not only would it save you the expenses of paying for the car itself, and it's upkeep (oil changes, repairs etc) but think about all of the money that goes to parking, insurance and gasoline. And if you feel as though you cannot go without a car, what about trading in your expensive car for one that runs just fine but is used?
Many times, simply thinking outside of the box is all that it takes to get yourself out of a situation that you find is difficult. If you take a calm approach to your situation with an open mind, you may find that the solution comes easier to you than you ever thought possible.
by: Mallory Megan
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