When You Just Don’t Know Which One to Pay First
Posted by IKR on 01/1/08 in Finance
So, you have a dozen different bills sitting on your desk and only a set amount of money with which to pay them. We all go through the same thing at least once every year – when everything just seems to back up and something needs to go unpaid. But, how do you decide which bill is less important than another and which ones you can get away with waiting a little while to pay back? First, consider the following:
· How much do you owe in essentials?
· What policies do your car insurance and medical insurance companies have regarding late payments?
· Have you called and talked to your utility or insurance companies about delaying payment?
The truth is that almost none of your bills can easily be skipped for a couple weeks while you wait for that next paycheck, but there are a few things you can do to make the process easier on yourself.
First, remember that your local utility and insurance companies are often (not always, but often) smaller companies than a major credit card company. Also, you are often given a grace period to pay things like insurance premiums before your coverage lapses. It is dangerous to wait on any insurance payments, but it is better than waiting to make the payments on your loans or credit cards on which your interest rates will increase if you are late.
Plan carefully, call your creditors and utility companies and ensure you do not have any additional options before you ever wait to pay a bill.
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