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Ten Steps To Consider In The Event Of A Financial Crunch Or Crisis

Step 5. Create a payment plan for your unsecured debt.

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Think of your finances in terms of a business situation. You are the Chief Executive Officer.

  • Pay expenses according to what works for you, not your creditors. 
  • Do your best to keep emotion out of it.

Look at the consequences of not paying each debt on time. Consider holding off payment on those debts with the least consequence. 

  • For example, if you do not pay your rent or mortgage, you may lose your residence. 
  • Perhaps you can afford to lose your automobile if public transportation is available.

Now divide up the amount of money you have available and create a payment plan.

To help in making decisions, we provide information about prioritizing expenses that may help guide you in creating your payment plan. For instance, we provide information about housing and food. 

Keep in mind that there is not much, if any, negotiating room with respect to secured debt (debt for which a house or other real or personal property is pledged to secure repayment). 

NOTE: To determine the number of months it will take you to pay off a particular debt, use a free calculator such as the one available at offsite link  Click on "Credit Card Payoff Calculator."

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