When life throws hardball in your financial circumstances it can be a hard situation. Sometimes our financial hardship can mean that we wont have the money to do what we need to do, like put food on the table or make our mortgage payment. No matter what your financial hardship may be, there is ways to get rid of quickly. It is important to make sure what ever choice you make to overcome this rough spot, you only make wise decisions that will benefit you and your loved ones in the long run.
Tip 1: Loans
There are a variety of loans that you could use to help you get the money you need to overcome your financial hardship, fast. There are no credit check loans even with bad credit that you can reach out to if your credit is less than perfect. It is important to remember that you will have to pay the loan back and there could be a hefty interest rate stacked on top of the actual loan amount. Make a plan and a budget to find out if you will be able to pay off the loan quickly. The longer you take to pay the loan, the larger the interest fee will cost you.
Tip 2: Sell Unwanted Items
Most of us have many items lying around our homes that we never use or will use in the future. This could be extra money in your pocket to help you get out of your financial hardship quickly. You have different options when it comes to selling your items. You could have a garage sale, sell your items on auction sites such as EBay, Amazon or use free services such as Craigslist. You will need to make sure to look into EBay and Amazons payment schedule and how much of a fee they may charge you to use their platform. Craigslist is always free but there are risks to meeting people you don’t know to sell a pricey item.
Tip 3: If You Have Student Loan Payments, Ask For Forgiveness, Discharge or A Cancellation
When it becomes time to start paying off student loan debt, it can be throw a curve ball into your budget. You do have different options when it comes to paying back your student loans. If you are working in a special sector such as the public services or took out a teacher’s loan, your student loan could possibly be forgiven. The best advice is to call your lender and ask them what options you have. They may not be able to forgive your cancel your debt all together but they may be able to lower your payments or give you a couple months to get your finances back together before you have to make another payment. It can’t hurt to ask for help, so make sure to ask.
Tip 4: Create A Budget And Stick To It
Creating a budget will let you see where every one of your dollars is going. You may be surprised to find out that you are spending too much on coffees to go or eating out. You may also find out you don’t have enough money to last all month and cover all of your bills. The budget will give you a good idea how much you need to make up for, show where you need cut out extra expenses and teach you how to manage your money better. There are different tools and calculators online that can help you create a budget.
Tip 5: Debt Settlement
Debt settlement can be a great idea if you are able to get a lump sum and pay off the debt that is causing you problems. Many lenders and creditors will take a percentage for the settlement to get the money and move on. Each creditor is different and may have different requirements for this type of payment option.
Tip 6: File For Bankruptcy
Filing for bankruptcy should be one of the last options you choice. You should make sure to try credit counseling, debt settlement and other do it your self-options before making the choice to file bankruptcy. Bankruptcy is one of the quickest ways to get out of a financial hardship. There are different types of bankruptcy and just because you can file doesn’t mean you are going to get out of paying any debt. You may have a large monthly payment to pay off certain debt. Filing bankruptcy can also cause you to have difficulty obtaining credit in the future. There are many leaders that won’t work with someone who has filled bankruptcy for a certain amount of years. Some lenders or landlords look back 7, 10 or more years.