Why Ignoring Debt Doesn’t Make the Holidays Happier for Chicago Consumers
How do you manage debt when the only steady thing in your life is, well, your debt?
It's a question many Americans are asking themselves this season. Just when we're gearing up to buy all the trimmings for a Thanksgiving dinner and Christmas gifts for friends and family, our employers are cutting our hours and paychecks. If you've been able to scrape enough money together to make the minimum payment on your bills - but nothing more - the rest of the year, the holiday season threatens to finally derail your finances. But there's still time to fight back, say Chicago bankruptcy lawyers.
You might not be able to change your income or obligations, but you do have some control over your payment size. In many cases, your creditors would rather have some of your payment than none of it. Next time you get a bill, find the number of your credit issuer, call them up and request to speak with a supervisor. Then let them know about your situation and how it's affecting your ability to pay.
You may find they'll offer you a reduced rate for six months or so - enough to get you through hard times. If that happens, do you best to stash as much of your savings as you can for the inevitable time when your payments go back up. Meanwhile, check out our tips for cutting the grocery bill, making a budget during tough times and saving money over the holidays.
And consider lowering your debt payments permanently by lowering your debt. Think you can't afford to pay more than the minimum? Bankruptcy can often free you from debt by providing a realistic payment plan, not to mention legal protection. Find out if bankruptcy could be your ticket to a merrier holiday season - and less financial stress year-round - when you schedule a free one-on-one debt analysis with a Chicago bankruptcy attorney.