From the course: Personal Finance Tips and Tricks
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Options when you're out of options
From the course: Personal Finance Tips and Tricks
Options when you're out of options
- Today, we're going to talk about what to do when you can no longer manage your credit accounts as agreed. Maybe your minimums have become unaffordable, you've missed a payment or you're approaching your credit limit. The first thing to do is get clear about the problem. Is your financial issue temporary or ongoing? Take steps to get your cash flow back in the black? Finding another credit product to keep you afloat is almost never the solution plus creditors can often reduce your access to credit or close your account at their discretion based on any activity they see as a red flag for risk. So you need to be able to pay your necessary expenses without relying on credit for assistance. The next step is to determine how much money you have to put toward debt payment after your necessary living expenses are paid. This is a very important number because this number determines what options are best or even possible for you. Let's assume that this number is less than the required minimum…
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