If you’re out of work, you can’t pay your bills. what should you do? Don’t despair, as there are plenty of options.
Let’s first look at your biggest expense: housing. Many landlords are offering some leeway to tenants. Everyone is in this boat, so you can have a break.
With mortgages, it will be a little more difficult. That doesn’t mean you can’t ask for late fees waived. They may ask for some documents.
What about your credit card? With more than 6 million filing for unemployment, credit card issuers are aware of the problem. That doesn’t mean they’ll cut you some of the fees, though.
C. according to a survey ofreditCards.comOf course, some 110 million Americans took out card debt in this current crisis. Ted Rossman, an industry analyst at the company, offers these suggestions:
- File for unemployment and other benefits, if applicable
- Contact credit card issuers and other lenders if you’re having trouble making payments
- Get a 0% Balance Transfer Card if You Have Credit Card Debt and Can Get Approved
- Save cash, especially if it’s limited – cut non-essential spending, track tax and event ticket refunds, and redeem credit card rewards
- 0% Introductory APR Cards Are Another Idea, If You Can Get One
The good news: If you’re not going out, you can cut expenses by eliminating discretionary expenses like restaurants, bars, and entertainment.
Also look at indoor costs that can be reduced such as cabling, cleaning and delivery. You’d be surprised how much you can save.