Many people have faced times of hardship. You may have had a great job and didn’t worry about your credit card balance and then something happened that changed your income. Or you may have been living above your means.
Whatever the case, not being able to pay your credit card bills can be scary. Thankfully, there are things you can do to relieve the stress.
Call Your Creditors
First things first. Don’t wait until you’re so far behind that it’s impossible to dig your way out. Creditors are much more likely to work with those that contact them at the first sign of struggle. They’ll see that you’ve paid your bills on time and work with you to find a solution. The worst thing you can do is just pretend the bill doesn’t exist and ignore it, hoping it will go away.
There are almost always ways to cut your expenses. You might get rid of your satellite bill or switch to a lower cost cellphone plan. You can use the envelope system to make sure you keep your variable expenses in check. Cut unused subscription services. Unless your family really NEEDS it, don’t pay for it.
Sell Items You No Longer Need
We all have items around our home that we no longer use. The good news is that these items can be worth money. Download the eBay app and search for the items you’re not using to see what the items have sold for in the past. Remember, the sold price is what’s important, not what people are asking.
There are many online platforms to sell on. You can sell on eBay, Poshmark, Mercari, Bonanza, Etsy, just to name a few. You can also sell through Facebook Marketplace.
Work Side Jobs
If you have the extra time, look for additional ways to make money. You might do yard work for a neighbor or run errands. You might offer to clean out garages, attics, or basements in exchange for getting to keep the items and then resell them for profit.
Last, but not least, see if consolidation will help you be able to cover your bills. Sometimes the problem is making several payments throughout the month. A consolidation loan allows you to pay everything off and then make one payment per month. This can be a huge relief to those that are struggling.
Not being able to pay your credit cards can be overwhelming. It’s a weight hanging over you that leaves you feeling stressed and miserable. Thankfully, there are many options available.