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In today's economy, most of us live in the
moment, from
paycheck to paycheck with not
a care in the world. We are not ready
for
financial disaster – whether it's serious illness
or unexpected tragedy. If those situations
present themselves, what are
we going to do?
While you can you afford it, make a list of
all
your debts and pay them off. The debts
should be in the order of most
essential to least: |
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Rent/Mortgage: This is the most essential
debt of all.
Without paying your rent or
mortgage, you would very limited options,
especially if you support a family. |
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Child support: This is the next
most essential
debt if you have children.
How are you going
to clothe and feed them? |
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Auto payments: The next essential
debt is
a car payment, especially if you drive
to and
from work. |
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Unpaid taxes: You do not want to
get in
trouble with the IRS. If you owe
them any
money, ask for an installment payment
plan.
Else the IRS may garnish your wages
and
take away your home and other assets. |
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Revolving debt: These debts are in
the
form of credit-card and department-store debt.
While you may want to miss one or two
payments, it is a good idea to pay off these
debts as soon as possible. |
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Below are listed some rules for you to
follow: |
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| Rule 1: Never Take Your Credit
Personally |
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We all make promises and at the time we make
these promises, we fully
intend to keep them. Remember, we live in a changing world, and
things
happen beyond our control – sometimes
we are
simply not able to honor some promises. |
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Rule 2: Decide What You Can Do |
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First, you must decide what is best for you,
not what should you do. You need
to take
at least one hour and write down how much
money you earn on the left side of a
sheet of
paper. |
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Next, on the right side, write down how much you pay each
month. Be honest with yourself because it doesn't make sense to fudge on
you.
Your options are simple: |
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Pay all of your bills on time and no less than the
minimum required as stated before. |
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Contact a company that can help you get your interest
rates lowered and, perhaps, your balance lowered too. |
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If all else fails, file for bankruptcy. |
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Rule 3: Get the Help You Need |
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If your choice was the first in Rule 2 above (pay all
your bills on time) and you have made the decision to
get the help you need, then get up and go to a mirror.
Look at yourself and tell yourself, "I make enough to
pay all of my bills on time!"
then just pay them! |
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If you are struggling, you
may need a little help from professionals. Contact the company below to
see what they can do for you in lowering your monthly payments.
If your
choice was the last, to file bankruptcy, stop putting it off and call an attorney in your area. |
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