Poor Finances? You Still Have Options

When we start to realize the poor state of our finances, we can feel cornered. Our angry and shouting creditors on one side – and our responsibilities on the other. Do I pay that bill off, or do I eat? It might seem very dramatic – and it is – but sometimes, that can be a very real choice for many. When finances plummet, we can fall into very upsetting and desperate places. Our opportunities can be stunted, and the world can feel like a terrible place to be. It will always feel like you are being bounced around from creditor to creditor with fiscal safety never seeming in sight.. When you borrow money, you have a responsibility to pay that cash – with interest in some cases – back to the lender. It’s on you if you don’t pay back and while it might not be your fault for not paying it back – we can all get into situations where money is tight, really tight – it’s still your responsibility. When we are in heaps of debt, it can get too much, and that feeling of being cornered can feel very real and physical to us. It can feel like that there is no way out for you – and no options except payments you can’t keep up with.You’ve fallen into a trap and this is how they make their money. Not anymore though – it’s time to fight back.

Credit card
Image source: Pixabay.com

When you feel like you have no options, know that it isn’t true – not at all. Even in the most desperate of circumstances, you still have options, ways to fight your way back. The worst-case scenario, of declaring bankruptcy is still an option of course – but one we can fight to avoid. However, if you are in a situation where debts are impossible to pay – it is something that might need to be considered. After all, we cannot be in debt for our entire life! Bankruptcy is a last-gasp measure though, as it comes with a bunch of very real consequences – but these might not seem as bad as being enslaved to enormous debts that are unpayable. Can you cut your debts down? Yes – contact the creditors that you owe cash to and see if you can’t negotiate them down to a lower payment. It’s possible as any creditor with sense would rather you pay back a smaller amount than lose out to bankruptcy. As for anything else? Poor finances restrict your ability to take out loans, but you can find poor direct lender personal loans to help you out. That’s not all though, the biggest option you have is sensible repayment – all the action needs to come from yourself though. For instance, you’ll need to devote your money to repayments. That means ensuring you have more money that can go to repaying your debts by ensuring you spend less each month. Simply put, you’ll need to cut down on your spend to devote more cash towards your debts.

how to use credit card wisely
Image source: Wikimedia.org

Don’t ever think you don’t have any options if you have poor financial health – because you do.

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Prime Aque is the back-end guy of Self-Help. He is a blogger and WordPress front-end designer. Importantly, he is a husband and a father of three wonderful kids. His firstborn are twin girls. He loves writing and sharing.