Debt consolidation is the process of combining all of your different debts into a single monthly payment, helping you manage them easier. We consult for debt consolidation to our clients when they are in these circumstances
Managing Several Debts
High Credit Card Debts
High Repayment for Debt
Though we know it is a tough time to pay your debts during this pandemic crisis, here are the few hints you can use to stretch your emergency fund until you’re back on your feet financially and it will help you to pay off your debts.
Make a Crisis Budget
Have you lost your employment or had your salary reduced during the COVID-19 crisis? If so, the initial step you should take is to make a crisis financial plan.
Make sense of how much cash you have to work with for budgeting purposes. This may include remaining funds from your financial account, an emergency fund or different sources. For instance, if you have planned some amount for a summer beach vacation, you might need to remember that cash in your budget if it can assist you with making a decent living this spring.
Make sure to check the rewards balances on any cash back credit cards you hold. You might approach additional subsidizes that you can transfer to your bank account. Eventually, your new financial plan may include joblessness benefits or different sources of salary. However, it could take half a month to get to assets from both of those sources. Meanwhile, to overcome the crisis you have to know how much you have to work with right now.
Next, figure out your basic expenses. These may include:
Housing (rent or mortgage)
Fundamental utilities (power, water,etc.)
Lower Your Spending
Do you have more than enough cash to cover your essential needs? If so, you can spend on other expenses. For instance, paying, in any event, the minimum payments on your credit commitments can assist you with ensuring your credit score during the pandemic situation.
Consider bringing down or cutting unnecessary expenses from your budget plan, at least on a temporary basis. Cost-cutting thoughts include approaching your vehicle insurance agency for a lower rate on if you will be spending less time on the road in the coming months.
Budget cuts are a smart idea even if you are earning your full salary. With the present condition of the economy, it’s hard to predict whether your payment will still be holding consistent months or even a long time from now.
Look for New Income Sources
Start searching for full-time or even part-time work to balance your financial crisis. Schedule a plan for how you’ll spend the money before it arrives.
Hope we will overcome this pandemic and back to normal life !
“All our dreams can come true if we have the courage to pursue them.” – Walt Disney
Contact Us for any Financial Support.