When you start shopping for a car, you might be more concerned with additional features and specialty paint jobs than you are about the monthly bill. Unfortunately, the wrong financing can cost you dearly. Compound interest never sleeps, which means that you might be paying much more than you should if you work with the wrong lender. I want to help you to make great financial decisions, which is why I created this website. However, if you can remember a few tricks and keep those payments to a minimum, you can drive away with the car of your dreams without breaking the bank.
One thing that's sure about life is that you never know what can happen from one day to the next. One day, everything is fine and dandy, the next day, you're injured in an accident and can't work for the next six months — you just never know. If you've had something happen that's caused you to fall financially behind, there are some options to dig yourself back out of the mess. Here, you'll find a few tips to do just that.
Look Into Refinancing Loans
One way to get a handle on your finances is to consolidate some of the loans that you have. Rather than paying five different loan payments, you may be able to take out a refinancing loan and cover the pay-offs on those loans. This not only saves you money monthly, but it can also save you a lot of money over the life of the loan. Think about how much you're paying in interested on those multiple loans — you'll pay interest on just one — and if you're lucky, it'll be lower than the others that you'd been paying.
Credit Consolidation Services
Another option for those high-interest credit cards is a credit consolidation service. These services offer different types of help — they may work with creditors to have some of the late fees, penalties and interest charges removed from your account, or they may pay off all of the credit cards, then, you make a single payment to the service.
Tip: Take your time to research these services — some of them aren't exactly out there to help consumers recover from financial problems. They take their money and don't do much to help — they can be scams.
Work With the Hospital
If some of the bills that you're struggling to pay are medical bills, you may be able to work with the hospital to come up with a payment plan that will fit your budget. In some cases, lower-income families may qualify for a discount on the services provided. You won't know what they can do to help until you call them — most of the time, you'll find that they are more than happy to work with you to keep you from feeling the financial burdens of the injury or illness.
Hopefully, the tips above will help you dig your way out of the financial mess that you're in. In the meantime, don't charge anything else, and do your best to limit the money you're spending on things that are really necessary.
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