What To Do When You

Can’t pay Your Bills On Time

By: www.newhorizon.org

People are highly recommended to become aware of their payment due dates and submit payments on time all times. However, there are occasions when you may be confronted with financial crisis or unfortunate events (job loss, illness, divorce, etc) that will make regular payment difficult.

Here are good actions that you can do to buy a little time while you looking for a long-term means to fix your financial troubles.

Sit down and Evaluate Your Situation.Some people can make bad choices due to panic or anxiety. But before making an extreme move, it’s better if you first take a seat and take a good look at the problem at hand.

It’s important to comprehend the standing of each of your accounts. How much do you really owe each creditor?

Examine Your Credit ReportGet a copy of your credit report to make certain all charges in your

accounts are right.

Incorrect reporting or false charges may add up to your debts.

Charges from other people’s credit report may also get mixed up in your report.

If you find any inaccuracy, send a dispute letter to the bureau that issued your report so that the matter can be corrected right away.

You should also call the creditor involved to let them know about the errors in your account.

Call your creditorsAt the first hint of problems, call your lenders, particularly your mortgage lender and inform them that you'll require assistance to meet up with your instalments.

For example, you may able to decrease your rate, waive penalty charges or lengthen your deadline if you inform your lender before you miss your payment.

You may also have the ability to ask for your creditor not to report your overdue to protect your credit score.

FOR MORE INFORMATION READhttp://www.newhorizon.org/credit-info/how-to-buy-yourself-time-when-you-can%E2%80%99t-pay/

GET A COPY OF YOUR CREDIT REPORT HEREhttp://www.newhorizon.org/Info/creditreports.htm