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5 Ways To Fix Common Mistakes People Make With Their Money?

Robert B. Limones

Debt levels in the U.S. are getting higher and higher. Many people find themselves overwhelmed by credit card debt, student loan payments, medical bills, and mortgage payments. You can focus on getting a handle on your bills by checking out these 5 ways to beat overwhelming debt:

Call and Ask about a Payment Plan

No one really wants to call their credit card company, but sometimes speaking with a real person is your best path forward. You can call credit card lenders as soon as you know you won’t be able to make a payment.

Many credit card companies can extend payment due dates. This extended payment period may give you enough time to gather a minimum payment so you can stay out of default. You should also ask if they can lower your interest rate.

You may also be able to arrange payment plans for:

  • Utilities
  • Student Loans
  • Medical Bills

Paying a reasonable amount on these bills every month can help you chip away at your debt without being overwhelmed.

Refinance Your Debt

Refinancing debt can allow you to lower your monthly payments for many different bills. You may be able to save money every month by refinancing:

Refinancing your debt can consolidate your payments and do away with some of the interest that is weighing you down every month.

Get Help from a Government Program

The government offers many different programs that can help U.S. citizens with excessive amounts of debt. Depending on your situation, you may want to contact:

Utility Bill Programs:

  • The Lifeline Program – The Federal Communications Commission (FCC)
  • The Low Income Home Energy Assistance Program (LIHEAP)

Mortgage Payment Programs:

Medical Debt Programs:

Don’t Be Afraid to Negotiate

You can’t always argue about the bills you owe, but sometimes you can. Many people who are carrying medical debt can bring down the total amount they owe by speaking with the billing department at the hospital.

Make sure you remain polite if you call the hospital to discuss your bill. The representatives at the billing department may be able to lower your overall bills or set you up with an interest-free payment plan so you can make lower payments.

Adjust Your Lifestyle

Sometimes, you can boost your earnings or cut out expenses to set aside more money to pay your monthly debts. You might be able to get a second job to handle high bills. Depending on your work situation, you could ask for more hours from your current employer. You might even be due for a raise.

You might also be able to limit additional expenses. You can use coupons to save money on weekly expenses like groceries. In especially dire circumstances, you might even be able to sell some of your assets to cover a monthly payment.

Keeping your head above water can be challenging, but you do have options. Make sure you take full advantage of assistance programs and contact your debtors to set up payment plans. You can use these 5 tips to beat overwhelming debt.