Sunday, December 9, 2012

Debt - What to do?

~ What do you do when you can't pay everything
~  First things first
~ Necessities - Rent/Mortgage, utilities, health insurance
~ Make car payments but consider trading for a cheaper one
~ Pay child support and taxes to avoid legal issues
~ Doctor bills, credit cards, and other small loans can wait if necessary
~ Set up a payment plan for those but keep these at the bottom of the list
~ If you are late you might hurt your credit score but you won't lose your home or car
~ Refinance to lower mortgage
~ Raise deductibles to lower insurances or health premiums
~ Get rid of land line and only use cell phone
~ Save at least $20.00 a month for emergencies even if you can't cover all debts

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