One of the worst feelings you can have is when you have a bill coming due and no way to pay it. You have either spent all of the money or you have to spend it on something more important. You don’t want to have to deal with those phone calls from creditors because you don’t know what to tell them. Even the next paycheck is already spent, and you’re just starting a downward trend into late payments and bad credit.
1. Look at Your Options
The first thing you should do is look at other options for how you can pay this bill. Maybe you have something to sell or a friend you can borrow from (or ask for a gift if you know you can’t pay it back). See if there’s some way to come up with the funds even if it will be a few days late.
2. Make a Partial Payment
Sometimes, you have some of the money but not all. Find out if your creditor will accept a partial payment. Let the creditor know your situation and that you will pay the additional amount next month or spread it out over several months. Often, they will work with you as long as you can pay the interest.
3. Ask for a Deferral
Ask your creditor if they have a deferral program or any other option that will let you skip this one payment or even more than one. Explain your situation and let them know when you can get back on track. Even if it’s several months down the road, they may be willing to offer lower payments to keep you from defaulting completely.
The worst thing you can do is nothing when you have a bill you can’t pay. Look for other solutions and talk to your creditors. Most of the time, they are willing to work with you and may have programs you aren’t aware of.
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