Here Are Some Tips To Handle Excessive Debt
Before It Gets Out Of Control!
For most of us, excessive debt can
seem overwhelming. And once it builds up it's hard to get a handle
on it. In these instances, or even before things get that far out
of hand, get back to basics and try some of these tips to handle
excessive debt.
The Basics:
Lower insurance deductibles for your
homeowners, renters and vehicles policies where appropriate and
save money. Don’t take chances on bouncing checks; instead get covered
with overdraft protection and pay about the same as what it would
cost for one bounced check to cover our account for an entire year.
Ask your banker about packaged account
services. Many offer free savings and checking accounts with free
overdraft protection and checks, free online bill paying and more.
When you shop, check your receipts,
even for groceries. Many times items ring up at incorrect prices.
Sometimes store policy allows for no errors, meaning you get the
items free if it wrings up wrong. So carry along a handheld calculator
or pencil with small notepad to tally up your charges.
Reach Out:
If you have medical debt, the first
thing healthcare offices try to do is get you to charge the bills
or refinance your home, etc. Stop! Before you take such a drastic
step, check with legal counsel. There are often other steps to take
first.
For example, notify the billing parties
and tell them you need to apply for financial aid. Many have forms
to complete, and although they may be lengthy, remember they’re
for free money to pay your bills.
Reach out, take forms and fill them
out. Then set up minimum payment arrangements for the remaining
balances, even if it’s just $10 a month for 30 years. Healthcare
bills are not like credit card debt and do not need to be reported
to the credit bureau in the same manner.
Also reach out with merchandise and
return any recently purchased items that you can for a refund. Credit
cards and mail order companies generally allow you 30 days to inspect
your purchase. Return any you can for refunds.
If purchases are beyond the 30 days
and for various reasons don’t hold up to their end of the “bargain;”
i.e. they broke already or never worked right to begin with, get
on a letter writing campaign pronto.
Write the place of purchase and copy
the manufacturer, the distributor, the Better Business Bureau and
your state Attorney General’s Office. State the reasons our product
is faulty and that you want a refund. It’s often rewarding to get
help with other entities like these. No need to go it alone!
So before your debt gets out of hand,
take charge and get back to basics. Put some of these debt handling
solutions into practice and make the most out of what you have.
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