Are you trying to get out of debt but behind on bills? You can get through this but you have to prioritize. Check out this short video on how you can tackle this situation.
Follow this protocol if you are behind on your bills and can’t pay them:
1) Focus on your “4 walls”
This is your transportation, housing food and utilities. You might have to press pause on some of your unsecured debt if you are unable to make payments. The key here is take care of essentials.
2) Only Pay Bills You Can Pay
In the same vein of #1, if there is money left from covering your “4 Walls”, then pay additional credit obligations. If there is no money left, try to make arrangements with your creditors to payments at a later time. Don’t get frazzled if things go to collections during this time (see #3 if you are scared to to this.)
3) Focus on Building Net Worth not Credit Score
At the end of the day, credit is a leach. It’s a game that you probably won’t win. Stop running after the perfect FICO score and focus on building wealth instead. Credit is fickle and drags you down while, wealth is enduring and builds your net worth.
Ready to stop living paycheck to paycheck? I’ve got a FREE email course that can get your started: