Reading Sizing Up Your Financial Situation and Making the Most of What You Have can help you to answer these questions. What debts could be satisfied by voluntarily surrendering, or giving back, the item?.
What debts are the most important to repay first?.What assets (savings or items that could be sold) do you have that could be used to pay off your debt?.How long is your present financial situation likely to last?.How many creditors do you owe and what is the total amount you owe? Completing Worksheet_-5_Debts_Owed(pdf) can help you get a clearer picture of what and how much you owe.How much money is needed to cover your family’s essential monthly living expenses?.How much income can you count on each month?.They want to keep your business, but they also want to get paid.īefore you can talk to your creditors, you need to take a hard look at your situation and make some decisions about how much and when you can pay. Creditors are in the business of lending money and/or providing services. If you have consistently paid bills when due, your creditors will be more cooperative than if you were late or did not make regular payments. Your past experiences with creditors are important. Creditors will usually work with you to adjust your payments because they want their money. After you have a plan, you will have to contact the people to whom you owe money – your creditors – and explain your situation. When your bills exceed the money available to pay them, you will have to develop a revised payment plan in order to repay your debts. Your family should be part of the decision-making process, since their cooperation is essential to carry out the plans. The sooner you change, the more likely your financial problems can be lessened. When family income is reduced, your spending habits must change. When you do not have enough money to cover your family’s basic living expenses and pay all your creditors, you face some difficult financial decisions.
0 kommentar(er)
