The borrowing checklist-what you need to know- is a way of life for many people. With our economic state, things are getting harder by the day. So is keeping up with all of the paperwork.
There are many of us that find ourselves dealing with credit card bills from late payments, bounced checks, late deposits and even late payments. If your home is foreclosed, or your credit score is low, this can be very stressful and it is important to keep yourself informed so that you don’t miss any of the necessary things.
This check list is what you need to know. It will help you know exactly what you need to do, the time frame in which you need to take action, and the consequences if you don’t.
Must Have An Account With A Lender
The first step of this checklist is that you must have an account with a lender. You need to keep this one simple and just have a checking account with a local bank. You also want to have a direct deposit into your checking account. If you don’t have a savings account you can open one.
Should Have Enough Money In The Bank At Any Given Time And This Amount Is Enough To Cover All Of Your Bills.
As a result of your borrower’s efforts and income you should have enough money in the bank at any given time. You need to make sure that this amount is enough to cover all of your bills. You may have trouble paying down debt on credit cards, but you should have enough money to pay all of your bills each month. You can always use that money to pay down some of your debts.
Get A List Of Every Late Fee Or Payment That You Are Late On
If you have problems paying off debt or bills, then you need to follow through with paying off those bills. What you need to do here is to write down every bill that you owe on a note card. You need to get a list of every late fee or payment that you are late on. Get a list of every bill that has a balloon payment. If you owe anything to the bank then you need to pay that as well.
Get A List Of How Much You Can Afford To Pay Each Month
Once you have made a list of your bills, get a list of how much you can afford to pay each month. Make sure that you keep all of this money in your account and not move it from the account to any other place.
When you have money to pay, then you can borrow money to get out of debt. If you don’t have any other way out of debt, then a cash advance, a payday loan, or something of that nature will be able to help you. Once you have paid off the debts you can start working on saving money for future expenses.
Look Into The Interest Rates That Are Available
As you start looking for a personal loan, it’s important to look into the interest rates that are available. You want to get a loan that fits within your budget and with the interest rate you can afford. A good way to do this is to find a loan that has a low interest rate.
Make Sure That The Loan Fits Within Your Income
Don’t go over your budget when looking for a personal loan. Make sure that the loan fits within your income. If you go over your budget, the loan can become more expensive than you initially expected.
Conclusion
There are many things that you can do with your extra money that you didn’t have when you were struggling with your credit card bills and late payments. You can go to the library to research something that you couldn’t find on your own, have a friend or family member help you plan your next trip, or take that vacation that you’ve been looking forward to for a long time.
As you can see there are many options that you can take advantage of to save money. What you need to do is to find a way to save money, put that money to work, and then save more money. That is how you will be able to go out and have fun without spending more than you have to.
Debt is a serious problem that all of us have to deal with at one time or another. If you are having trouble paying your bills, you can make a plan to get out of debt as soon as possible.
Keep the borrowing checklist by checking it out for yourself at https://myborrowing.com.au/
