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7 Tips for Paying Off Bills

February 22, 2012 | Comments: 0 | Views: 138

With the economy the way it is, many people are struggling to pay their bills these days. Struggling to pay your bills can even make you become worrisome and depressed. However, you must not let it get you down, and try to pay your bills off any way you can. Here are seven tips for paying off your bills.

Cut Out Unnecessary Expenses

Take a good look at your monthly expenses, and see if there is anything you can cut out. For example, you don't exactly need television or that latte you get at the coffee shop each morning. By cutting out things that aren't necessities, you will be able to pay off more important bills much faster.

Pay More Than the Minimum

If you can, pay more than the minimum on your credit card bills. The longer it takes you to pay off the balance, the more interest the credit card companies will make. For example, if your minimum payment is $50, try to pay at least $100 each month. Giving up certain luxuries to pay more on your credit card bills may not be fun, but it will be worth it when they are all paid off.

Ask Family Members and Friends for Help

It can be uncomfortable asking family members and friends for money, but it's something you have to do sometimes. Ask a close family member or friend to borrow a certain amount of money to catch up on your bills. Make sure to pay him back in a reasonable amount of time, so there are no hard feelings later.

Consider Help from a Debt Consolidation Program

If your monthly payments and interest on your credit cards are too high, consider debt consolidation programs. Debt consolidation programs can help lower your monthly payments and interest, so you can pay off your debt much faster.

Consider Borrowing from Your 401(k)

If you have a 401(k) retirement plan at work, consider borrowing from it to pay off some of your bills. Many 401(k) plans allow you to borrow 50 percent of the account's value. The interest on 401(k) plans are lower than credit cards, but you must pay repay the loan within five years.

Get a Second Job

If the bills keep piling up, you may want to consider getting a second job. For example, if you work during the weekdays at your regular job, work the second job on weekends or weeknights until you catch up with your bills.

Consider Filing Bankruptcy

If your bills are so high that you can't repay them, you may want to consider filing bankruptcy. With bankruptcy, almost all of your debts are discharged. However, a bankruptcy will remain on your credit report for 10 years, making it difficult for you to obtain loans.

See related:

Debt Management Program

The Debt Settlement Process

Source: EzineArticles
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