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What to Do if You Can’t Pay Your Bills

What to Do if You Can’t Pay Your Bills

Photo courtesy of Creative Commons

Jeffrey Strain |

3. Conserve cash if you can’t pay your mortgage
When people realize they can’t afford their mortgage, they often put those funds toward other bills. They should save that cash instead.

If you’re falling behind and facing foreclosure, you’ll need enough money to rent a new home. While foreclosures take months to complete, the previous owners usually have to move right away.

4. Know your rights
If you can’t make deals with the companies you owe, expect calls from aggressive debt collectors. They’re allowed to call people who owe, but they’re not allowed to threaten debtors with violence, arrest or seizure of property. They’re also prohibited from calling at odd hours or using obscene language. For more on the Fair Debt Collection Practices Act, visit the Federal Trade Commission’s web site.

5. Don’t ignore the situation
People caught in a financial crisis face difficult choices, but they need make them. Delaying action will only make the problem worse and leave you with fewer options. Addressing the issue immediately prevents the kind of long-term damage that leads to financial ruin.

More from AllHealthcare’s Finance Center:

4 Things That May Trigger Your Spending
5 Easy Ways to Make Money Even if You’re Unemployed
How to Ask for a Raise in a Recession

Quiz: What’s Your Money IQ?

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