Independent individuals are of 2 types. The first type is Debt Free individuals and the second type is Debt dependent individuals. As long as being on either side of extremes pulls you through your daily life then money matters are in control. When the situation starts getting more complex and your monetary matters seem to be rising and adding more pressure to your lives it starts affecting you personally and professionally. Many individuals get overwhelmed with the situation and believe they are in a financial crisis and find themselves incapable of resolving issues under tremendous stress. Before one can start taking drastic actions such as filing for bankruptcy lets list down ways how one can avoid bankruptcy.
1) Budgeting
A regular term in daily lives yet difficult enough to control. Take control of your expenses.Take into account how much you actually earn on monthly basis. Break it down into parts such as bills, rent, extra expenses, mortgages, insurances, groceries and everything you need to pay for. Structure these bills in a timely manner, avoid extra expenses, go for months without spending on unnecessary things, it may seem extremely small in the big pool of debt you have accumulated but in the long run, it will add enough to stay away from bankruptcy.
2)Seek Help from Friends and Family
Don’t be shy to ask. Somehow the budget planning doesn’t seem to get the situation in control and most likely it will not in a short period of time, but one has to survive atlas on basic necessities in such times you can turn to family and friends.They will understand your problem and however embarrassed you feel to ask for help promise them that when times get better you will eventually pay them back.Ask for help and time and you will get it. Remember an individual is not alone in such financial crisis, monetary matters are a common problem arising in various times in your entire lifetime.
3)Avoid credit cards
Agreed you don’t carry hard cash around. You are very structured with plastic money. But these same credit cards are luring factors in the first place to get you in such a tight situation.50% of debt problems arise when you owe these credit card companies.The vicious circle of maintaining credit and getting credit and being indebted for life. Forget about these complicated ways of spending money. Cut these cards and throw them in the bin. Pay the minimum amount monthly required to clear your bills and follow it till you are done with it.
4)Settle Debts
Take professional help from Debt settlers such as lawyers who will understand your problem and will negotiate with the company you have taken a loan from for business or personal matters and these professional will try to solve your matter, and hopefully, you can settle your debt at half the price.
These are a few personal ways to get your financial condition on track and probably your life too. There are amazing offers from BOXED to budget your life. You can use the promo codes and coupons for Boxed provided by mamma.com to get your daily supply of groceries, utilities and basic needs of the home, by taking complete advantage of these discounts which vary from 10% to up to 80% . Such offers are there to avail, take them seriously, and get your basic needs taken care of.
Bankruptcy is not the last resort. There is always a solution to your problem. For further help seek step change.
About Carson Derrow
