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Managing Your Finances

finance_managementIf your finances become overwhelming and unmanageable, a metairie bankruptcy attorney can really help. This person knows exactly how to deal with creditors and time limits and all of the paperwork that may be involved. If you can, try to manage your finances on your own first to avoid any harsh consequences. Here are some tips for doing so.

  1. Always Pay Bills On Time

It is important for your credit and happiness to pay bills on time. Why does this affect your happiness? Because when you consistently default, you allow companies to hound and heckle you and even possibly your contacts. Don’t let them get after your friends for your student loan payments. Be punctual.

If you are having trouble right now managing all of your different bills, make some phone calls to the companies that you owe. If you explain your situation and desire to pay it all back, they are more likely to be forgiving and flexible. The number one thing that you need at this point is some mercy.

  • See if you can establish a different time for a monthly payment it falls just before the next paycheck. This can help to hold you over with enough money for groceries until then.
  • Or see if you can maybe pay less toward your utilities by cutting down on heating costs. Call and ask if there are remedies for a high bill.
  • Even call to see if you can pay less each month. This can sometimes work with student loans, especially if you agree to pay a higher interest rate in the meantime. They really just want you to pay them back, and if this means a change in contract, they will often work with you. Part of the money now is better than none of it or having to spend time hounding you to pay it. Keep them in the loop if you need short-term loan or debt forgiveness.

2.  Pay Back One At A Time

Set up a system so that you pay back your debts one at a time and make them more manageable. All extra money should go toward the one you are working on. There are three good ways to do this. Pick which works best for you.

  • Pay back loans with the biggest interest rates to the smallest. This means less paid in interest over time.
  • Pay back the biggest loan amount to the smallest because this creditor is likely to be the biggest problem.
  • Or pay back the smallest debt first so that you gain confidence and get rid of individual loans more quickly.

Even while you still carry debt can you better enjoy life with the peace of mind knowing that you are on your way to financial freedom. Manage your finances today by taking these steps.

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