Things To Do When You Cannot Pay Your Debts
As a first step, you’ll want to list all of the debts you owe from smallest to largest. Throw all of your excess funds at the smallest balance, while making the minimum payments on all your larger loans. Once the smallest balance is paid off, start putting that extra money toward the next smallest debt until you pay that one off, and so on. Over time, your small balances should disappear one by one, freeing up more money to throw at your larger debts and loans. This allows you to pay down smaller balances first — logging a few “wins” for the psychological effect — while letting you save the largest loans for last. Ultimately, the goal is snowballing all of your extra money toward your debts until they’re demolished — and you’re finally debt-free. Dump All Non-Essentials Go over your list of expenses and cancel anything that isn't key to your survival. Cable/satellite, streaming services, newspaper subscriptions, extra phone/computer features, paid memberships – they all need to go...