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Debt Handling Solutions
Sometimes debt can seem overwhelming.
In those instances, or even before things get that far
out of hand, get back to basics and try some of these
debt handling solutions.
BASICS – Lower insurance deductibles
for your homeowners, renters and vehicles policies where
appropriate and save money. Don’t take chances
on bouncing checks; instead get covered with overdraft
protection and pay about the same as what it would cost
for one bounced check to cover our account for an entire
year. Ask your banker about packaged account services.
Many offer free savings and checking accounts with free
overdraft protection and checks, free online bill paying
and more. When you shop, check your receipts, even for
groceries. Many times items ring up at incorrect prices.
Sometimes store policy allows for no errors, meaning
you get the items free if it wrings up wrong. So carry
along a handheld calculator or pencil with small notepad
to tally up your charges.
REACH OUT- If you have medical debt, the first thing
healthcare offices try to do is get you to charge the
bills or refinance your home, etc. STOP. Before you
take such a drastic step, check with legal counsel.
There are often other steps to take first. For example,
notify the billing parties and tell them you need to
apply for financial aid. Many have forms to complete,
and although they may be lengthy, remember they’re
for free money to pay your bills. Reach out, take forms
and fill them out. Then set up minimum payment arrangements
for the remaining balances, even if it’s just $10
a month for 30 years. Healthcare bills are not like
credit card debt and do not need to be reported to the
credit bureau in the same manner.
Also reach out with merchandise and return any recently
purchased items that you can for a refund. Credit cards
and mail order companies generally allow you 30 days
to inspect your purchase. Return any you can for refunds.
If purchases are beyond the 30 days and for various
reasons don’t hold up to their end of the “bargain;”
i.e. they broke already or never worked right to begin
with, get on a letter writing campaign pronto. Write
the place of purchase and copy the manufacturer, the
distributor, the Better Business Bureau and your state
Attorney General’s Office. State the reasons our
product is faulty and that you want a refund. It’s
often rewarding to get help with other entities like
these. No need to go it alone!
So before your debt gets out of hand, take charge and
get back to basics. Put some of these debt handling
solutions into practice and make the most out of what
you have.
1howto.com
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