Options For When It Looks Like Debt Will Drag You Under

There’s no feeling quite as unpleasant as when you feel the extent to which debt has become a problem and you realize you won’t be able to pay it off as things are. No amount of budgeting or consolidation will get you out of its grip. But that doesn’t mean you are without options. You are never without options and it always pays to know which you can rely on.

Get in touch

If you haven’t done it yet, now is the time to talk to the people you’re actually in debt to. Believe it or not, creditors do not want to have to rely on collections agencies and have to wrench away your property. Negotiating your debt and finding payment plans can offer you a lot more time or freeze interest in place. If you’re particularly lucky, you might be able to get the debt settled at a much lower amount. It’s not guaranteed, but it can’t do you any harm.

Seek emergency assistance

If your efforts to fight off debt are getting in the way of the real necessities of life, such as feeding yourself, paying for your commute and paying rent, then there might be some assistance on offer from the outside. There are a lot of grants, charities, and organizations that can provide loans or free money to those who are truly in need. Depending on certain aspects of your life, such as past military service, there might be extra means of getting assistance out there, too. You’re rarely on your own. All you have to do is find the right help.

When there’s no way out

If you have done all you can and you simply don’t see how you can deal with the pressure of a debt, it might be time for a new state. As JLT Law states, bankruptcy isn’t for everyone, not is it a completely fresh slate. It will have a major impact on your credit record for a long time to come. But if you’re fully aware that you have no other options in paying off debt, it can help to get out from the pressure and stress of it all. There’s no point continuing to suffer when you already know the outcome.

Addressing income issues

It’s another option that’s not for everyone, but if there’s something stopping you from getting income, such as an illness, then you might be entitled to some help. If your injury or illness is someone else’s fault, then you might be due compensation. Otherwise, you should consider making a Social Security Disability application. For some loans and debts, suffering from illness or an injury can count as extenuating circumstances that help you avoid responsibility for paying them back entirely.

The tips above should hopefully keep you from the worst of consequences and should show you that even when you have no way out, you can find ways to keep going. Don’t let money stress blind you to the upsides of options that might seem drastic.