Having debt or getting behind on paying bills is no longer a hidden or shameful life event. Today, the average American household is carrying over $5,000 in debt. People in this category aren’t spendthrifts, but they include people who have lost their jobs, or an expensive illness has hit them or an unexpected funeral debt.
There is no longer any guilt associated with the inability to pay your bills. More people are turning to personal installment loans to help. Companies offering installment loans can customize individual payment loan plans for their clients. Westernshamrock.com is one of the leading installment loan companies in America.
An installment loan involves a specific amount of money to be repaid with a fixed interest through fixed monthly payments. Installment loans are offered in both an unsecured or secured traditional loans. Installment loans can be customized to pay for the following:
- medical bills
- home improvements
- education
- mortgages
- traditional bills and more
Installment loans are easy to acquire, very confidential, and the loans can range up to $3,000 with a payment period of up to 30 months depending on where you live. This type of borrowed loan system is more stable and supportive of debtors because the loans are secured by an asset that protects the debtor from any repossessions or foreclosures.
Even though your money may be short in paying your bills, but you are at least paying on time, please don’t stop paying them. If you can’t afford to pay more on your bills, then at least make the minimum payments.
Banks and TV commercials remind us that minimum payments don’t really help you make substantial progress in paying off the debt, but minimum payments do help to keep bill debts from growing, plus even a little payment goes a long way to keep your account in good standing.
Communication is important even with creditors and debtors. Contact your creditors and explain your financial situation and ask them if they could work with you to ‘temporarily’ lower your payments until your financial picture improves or if you can pay them a little less each month. There are creditors who already have a lower payment plan or lower credit option designed, it’s just that they don’t always make it known to the public.
Another recourse you have when you get over your head with bills is to receive debt counseling. Debt counselors will discuss with you the right management process to repay your bills. Financial counselors ask questions like are you employed full-time, how many jobs do you have, or who else in your home works?
After answering initial questions, these professional counselors then design an action plan to help you get out from under the debt. Remember to research the debt counseling agencies carefully by confirming that they are:
- a non-profit agency
- member of the National Foundation of Credit Counselors
- member of the Association of Independent Consumer Credit Counseling Agencies
- check them out with the Better Business Bureau in your area
Lastly, debt settlement companies are an option, even though a stigma is attached to their existence. They help consumers negotiate a lower interest rate and fees. Debtors simply make a one-time payment fee to the settlement company which then pays all creditors until your debts are paid off.
The stigma associated with these companies are precautions that debtors must take before they enter into any agreements with debt settling agencies. Always research these companies by contacting the American Fair Credit Council or the National Foundation of Credit Counseling to ensure their credibility.
Getting in over your head with bills is not an exclusive event, even wealthy individuals run into debt issues. Just don’t ignore the problem, because the only results are invasive calls and letters. Most bill creditors will work with consumers because it is better than spending time and money trying to chase people.
There really are other lifestyle options to help when you can’t pay your bills. Use these debt lowering options to educate yourself on how to better manage your money. Other solutions involve reducing your spending, getting a part-time job, cut-back on dining out, and other personalized get-out-of-debt solutions.
Do not be afraid to ask for help! Remain patient when using financial assistance options and before you know it, you will be free from unnecessary debt and you can then concentrate on saving for rainy days while also improving your credit rating.
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