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LITTLE TRICKS TO HELP YOU FIGHT YOUR WAY OUT OF DEBT
Even the most resilient individuals might find themselves in a terrible financial situation. Unfortunately, lenders are enabling consumers to have loans with them without doing basic financial checks, which makes it much too simple to get oneself into debt in this day and age. The truth is, they are well aware that, irrespective of your financial status, they will ultimately be able to recover the money owing to them since they have the ability to submit missed payments to collection agencies.
Despite your best efforts, it is quite unlikely that you will be able to pay off all of your debt in a single day. When debts start to pile up, it can be hard to deal with them all at once. However, there are some things you can do right away to relieve some of the stress and start the process of paying them off. The following are a few helpful hints to support you in your efforts to get out of debt.
Know Your Rights
You should always be aware of your rights when it comes to sorting out your debt. While you may owe money to multiple debtors, it’s important to know a few things:
- Debt collectors cannot harass you
- There are processes they must follow to collect debt
- You can use a small claims court alternative to help you sort through your debts if you’ve been mistreated.
- If debts are over 6 years old they may be what’s called statute-barred, meaning the court can’t rule you have to pay them, effectively wiping them off.
So if you are being chased by your debtors, make sure you do your research and understand what your rights are. Don’t allow yourself to be bullied into making payments you really can’t afford.
Always Be Honest
As a next step, you should make a phone call to all of the service providers that you rely on for energy, phone contracts, wifi, and anything else that comes to mind in order to discuss your payments with them and explain that you’re considering switching providers because you believe you’re paying too much. Most of the time, you will be offered a much lower price since the companies want to maintain you as a client.
If you owe money to any of these businesses, it’s a good idea to be straightforward and honest with them about your financial circumstances. This will increase their likelihood of being empathetic and offering you some form of payment plan that you can adhere to.
Keep An Eye On Your Bank Account
Examine your bank account’s outgoings to ensure you’re not paying for anything you no longer desire or need. Things like magazine renewals and unused gym memberships are often hidden in our direct debits, and we are completely unaware of their existence. Cancel them in order to free up more funds for debt repayment and to allow you to live more comfortably. Applying these suggestions to your own financial circumstances will put you on the path to being debt-free this year.
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