Throughout your life money comes and goes and some people are better at making it than others. Unfortunately, that is the problem. Not everyone gets a fair crack of the whip and can end up battling through life as a result. Let’s face it; life isn’t easy, and it isn’t cheap. So, what do you do if you can’t afford to pay your bills? Well, the old saying does ring true: where there is a will, there is a way. All you have to do is find out what the way is, and you will soon be on the right path.
Tip One: Put it on a Credit Card
Credit cards are a great alternative source of credit because they are flexible. One of their main advantages is the fact that you can replace one debt with another by simply transferring it to another card. Now, it is dangerous territory, but if you need a quick source of short-term finance, it is one of the only ways you can cover your bills and stay out of debt. Granted, you will have to pay the minimum repayments every month so you will need some cash. But, if it is a timing issue, all major suppliers will accept credit cards.
Tip Two: Refinance your home
Again, this is another method of replacing one debt with another. But, even some professional lenders will encourage you to refinance your home if it is necessary. Just think about it. You have the equity tied up in your home, so it is a great way of turning it into cold, hard cash. It does depend on certain restrictions and laws that are in place, however. For example, FHA loan requirements mean you need an mortgage insurance premium of 1.5% of the base loan. Still, if you can meet the requirements you can use your home to finance other areas of your life, or get on the property ladder in the first place.
Tip Three: Look for an Agreement
Everything might seem like it is set in stone, but there is always wiggle room right until the very end. Of course, energy suppliers, banks and the taxman will use aggressive tactics to scare you into paying. But, if you don’t have the money you don’t have the money and there is nothing they can do about that fact. They know it as well, which means they are more likely to enter into an agreement to make sure they do see some return. Contact them and ask them for a payment plan that suits both parties.
Tip Four: Ask for more Time
You might have the finance, but it might take a bit of time to reach your bank account. Let the people you owe the debt to know you are good for the cash and ask them for more time. If they are reluctant, offer them an incentive that will show them you are not lying.
Paying your bills doesn’t have to be difficult all of the time, and these simple tips will help you out when you need it most.