Racking up Debt? How to Avoid Filing for Bankruptcy

Monday, October 14, 2019, 6:00 AM | Leave Comment

If you have a lot of debt, you are not alone. As you probably already know, though, debt can have a major impact on your life.

You might even be thinking about filing for bankruptcy because of all of your debt.

Before you take that major step, though, consider these ideas that could potentially help you get your debt under control.

Racking up Debt How to Avoid Filing for Bankruptcy

  • Sell Your Timeshare

    First of all, if you own a timeshare, you might not be able to keep up with the maintenance payments and other costs of ownership. You might think that you’re “stuck,” but you do have timeshare exit options. This can help you get rid of some of your costs.

  • Reduce Your Utilities

    If possible, try to reduce your utilities. Cut out cable if you can, and start conserving energy when heating and cooling your home. These small changes can leave you with more money to put toward paying debt.

  • Pay as Much as You Can Toward Debt

    Anytime that you get extra money, such as if you get a raise from work or a cash gift for your birthday, try paying it toward your debt.

  • Talk to Your Creditors

    Don’t be afraid to contact your creditors to ask about your options. You might be able to settle some of your debts for less than you owe. Some lenders might be willing to reduce your monthly payments or interest rates. You can also look into things like changing your due dates to make them fit more easily in your budget.

  • Sell Household Items that You Don’t Need

    Take a look around your home, and look for household items that you don’t need. You might be able to sell that set of skis that you have only used a few times or the TV in your spare bedroom that doesn’t get used much. Take any proceeds from selling these items, and put that money toward your debt.

  • Pick up a Second Job

    If possible, try picking up a second job. Putting in extra hours each week might be challenging, but it might help you get your finances under control.

As you can see, there are a number of different things that you can do to work on getting your debt under control. Then, you might not have to file bankruptcy to get in a better financial situation after all.

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