Take Care Of Your Debt Now To Celebrate A Stress-Free Christmas
Nothing can put a dark cloud over Christmas like debt. Not only does it cause stress, but it prevents you from spending money on all the holiday things you want to provide like food, gifts, activities, and even traveling to see family or friends.
However, with some work and time, you can actually keep out of debt so you can enjoy your holiday plans with your loved ones. Whether you change your budget or negotiate with your creditors, there are things you can do. If you need help getting started, here are five tips to help you with your debt so you can have a stress-free Christmas.
Use These Five Tips To Take Care Of Your Debt
1. Ask About A Month's Forgiveness
Many banks, credit card companies, and mortgage companies offer a yearly one-month forgiveness on payments. This is where you don't have to pay your obligation for one month, or sometimes more. Some offer it once a year as a courtesy and customers can take it at any point during the calendar year.
Others offer it under conditions like job loss where you file for it and the company must approve it. It's a good option for those needing some financial relief during the holidays.
2. Consolidate Your Debt
Another option you have is to consolidate your debt. You have to keep in mind that if you do choose this option, there are both advantages and disadvantages that come with it. The advantages are you no longer get collection calls and pay one bill.
The consolidation company or bank uses the money to pay off creditors. They will also negotiate terms with creditors to settle the debt for less than what you owe.
The disadvantage is you must also pay the consolidation company to do this as part of your monthly bill. These are factors to consider if you think you want to consolidate your debt.
3. Restructure Your Budget
Another option you have is to restructure your budget to help you prioritize your debt. When it comes to budgeting the right way, you have to understand that your budget will need to adjust based on your financial situation at any given time. Taking care of your debt is a good example of this.
If you have to prioritize your debt, this means your budget will have to change somewhere else. Let’s say you’ve made your budget to allow yourself some free spending money. If you suddenly need to focus on your debt, that might mean taking that money meant for fun and using it for your debt.
4. Negotiate With Your Creditors
Many people don't realize they can negotiate their settlement with creditors if they are usually in good standing with their creditors. That means you won't need to pay the entire bill, but will need to pay the settlement amount upfront. They report the bills paid to the credit bureaus so your score rises.
You save money because most creditors will settle for half of what you owe. The only thing to consider is you must be a strong negotiator. And, again, this depends on if you are in good standing with your creditors. If this is your first time running behind on paying your debts, this option might work for you.
5. Get Extra Money For Urgent Situations
Urgent situations can cause extra stress to your debt, particularly at Christmas. A car breaks down or your home might need some urgent repair. Fortunately, we here at Texas Title and Payday Loan Services, Inc. offer title loans, payday loans, and installment loans to help you out. These loans are open to those with regular income and we also work with people in all types of credit situations.
Title loans offer up to $15,000 and you must own your vehicle in your name, and have it available for an inspection. You must also have a clean title with no liens and have a driver's license or state-issued ID to seek this loan.
Payday loans have a range of between $100 and $1,200. Those seeking this loan need a driver's license or state-issued ID, their most recent pay stub, and a blank check from an active checking account listed in their name.
Installment loans range from $100 to $1,500 and differ from the other two loans because instead of repaying all at once, you can repay us in monthly installments. Three items are required for those seeking this type of loan with us.
You will need a driver's license or valid state-issued photo ID, an active checking account statement listed in your name, and the most recent pay stub to use as proof of income. To learn more about either of these loans, go to our website and apply online!
Get Your Debt Taken Care Of Right Now!
As this article proves, there are things you can do to help bring down your debt so it doesn’t take over your life. So, don’t wait any longer and start using these five options right now to get your debt taken care of so you can have the stress-free Christmas you deserve. If you run into an emergency, remember to go to the Texas Car Title and Payday Loan Services, Inc. website now so you can fill out the online form for our title loan, payday loan, or installment loan!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.