If you have recently lost your job and are no longer able to pay your bills, you need to know what to do if you can’t pay your bills. Don’t stop paying your bills without knowing what to do. There are things you need to do to get everything straightened out. You can request extensions, get some counseling, and take control. You can get your life back but you can’t do it alone. There are people that will help you.
Call each company you owe money to and request extensions. More than likely they will honor those extensions. If you are too far behind, it may be a little more difficult. Try to seek help as soon as you lose your job so they can help you take care of your bills. If you have credit cards, store credit cards, or student loan debt. For student loan debt, you can put your payments in deferment, which means you can wait to pay them until you get a job. Credit cards work a little bit differently.
You will need to apply to have your payments reduced. If you qualify, they will lower the interest rates and lower your monthly payments. Store credit cards also work differently. You need to close out your cards. When you close them out, then you end up paying an amount that is less than you have originally been paying before you lost your job. You have to pay that amount every month until you have paid everything off.
It’s scary facing this situation but remember you don’t have to go through it alone. You can learn about credit counselors and the credit counseling process at
When you speak to a counselor, they need to know everything so they can help you. You may have to tell them your whole life story about how you lost your job. It’s okay to feel embarrassed or have any anxiety about this phone call.
Make sure you tell them how long it’s been since you lost your job, the amount of money your bills add up to be, and they may even ask you what your skill sets are just in case they know of anyone that has any openings. They may also ask you if you have any dependents. You may get extra help because you need to feed and clothe them.
The last thing you can do is take control of your life. You’re spending habits have to change. When you go to the grocery store, pay more attention to the prices. The same goes for if you shop online. If there is something in your home that needs to be replaced, then you can hold off on that. Look at the money you have in your bank account.
If you’re married, look at the account that the two of you share together. While you’re thinking about how long it will last, look at your spouse’s income too and those together. Spend the money on the necessities and don’t go to the store that often. Look for discount clothing stores and discount grocery stores.
When you’re struggling and you don’t know what to do if you can’t pay your bills, talking it out with someone can help. By requesting extensions, speaking with a credit counselor, and taking control back, your debt will prove no match for you.
Be prepared to spend a good portion of your days getting this taken care of though. You will have to fill out applications for low-income families and speak to them about how you ended up where you’re at today. This process could take a few days to be completed. However, don’t fret — persevere. The more help you have, the better your financials will get.