With a new strategy in place, you should have more confidence to contact your creditors directly and let them know of your intent to make a set payment amount each month. You may already be getting contacted by creditors to whom you owe money.
You may need to reduce other expenses from your budget or find a secondary source of income to allow your plan to work effectively for eliminating debts. Your goal at this time is to find a way to make payoff possible. If you find your monthly must-pay amounts total more than you earn, resist the urge to stop paying back the balance. Review your budget to find an amount you can afford to pay towards the debt each month and add that into your monthly totals. Say you owe $1,200 to your doctor on an overdue bill. Any bills that you haven't been paying should have an amount of money allocated to them on a monthly basis. Once all bills and balances are accounted for, add up the columns to find out how much is due each month. Highlight the past due balances that need to be tended to each month. If there are some bills you are keeping up with monthly, it's a good start but you'll need to formulate a plan for keeping up while paying past due balances at the same time. Review each statement or bill and write down on a separate sheet of paper who you owe, how much you owe monthly, how much you owe in total, and due dates for the amount to be paid. Gather in one place all of your monthly bills and anything with a balance showing. (See also: Why Can't You Make Your Payments On Time?) It is time to start reorganizing your system to ensure bills are taken care of and balances are eliminated in a reasonable amount of time. When people are behind in their bill payments, they generally are fully aware there is a problem but may not necessarily realize just how much of a problem they have. Here is a guideline for what to do to get current again. In order to reorder your financial life, it is a must-do to start perfecting a strategy for paying your bills on time without fail. Late payments will stay on your credit report for several years so you will feel the effects for many years to come. Late or missed bill payments drop your credit score significantly, and if you are paying all of your bills late or carrying a large balance from one month to the next, you are doing yourself no favors. No matter the reason for getting behind in your bills, know that you are doing damage to credit and your overall financial life. (See also: Get Rid of and Avoid Late Fees) First, the Consequences Whether you miss a bill deadline once in a blue moon or if you are consistently late and behind in paying your bills, it is time to get your financial life back on track and realize what the consequences are of paying bills late. There may be many reasons why your bills have gone late.
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