Have you found yourself in the very difficult situation of realising that you are struggling to pay your bills?

If so, please know that you are not alone.

Being unable to pay your bills is one of the most stressful things to happen in life. You might struggle to pay one particular bill or you could have a problem with paying all of them.

There are many different reasons why one might find themselves in this position, but that doesn’t matter right now.

What matters is finding a way to deal with this issues and avoid slipping into a spiral of debt! Please remember that it is also very important to take care of your mental health during times like this!

If you are struggling to pay your bills, here are three things you might consider doing:

1. Contact your providers

Regardless of which bills you are struggling to pay this month, you should always contact the provider directly to talk about the issue.

For example, if you are struggling to pay your energy bill for this month, speak to your energy supplier and see if you can come up with a more affordable payment plan.

You could also ask if you could defer the late payments across the next few months. This can make it easier to pay back without getting yourself into even more debt by paying back a lump sum next month.

If you can’t repay a loan, speak to whoever provided the loan to you. This will give you a chance to explain the situation and possibly come up with a new payment plan to help you pay the bills whenever possible.

At the very least, you should notify them before you miss a payment. They will appreciate this and possibly let you off without any additional charges for that month, giving you more time to get the funds required. 

2. Consider getting a loan

Sometimes, you need a small influx of cash to pay for a bill because you had another unexpected payment.

Maybe your car broke down and you needed to pay for some expensive repairs, meaning you don’t have enough money for your rent this month.

In which case, applying for short term loans can help you get the money you need to cover this bill.

Then, when you get paid later on in the month, you will have enough to pay your loan back.

It’s probably best to only use this tactic when you have small bills that need to be paid before you get your monthly pay cheque though.

Interest rates can be atrocious these days!

3. Look for help from the government

Yes, believe it or not the government can provide assistance to you if you are struggling to pay your bills! There could be some schemes or benefits that you are eligible for to help you make these payments.

Specifically, thinking about these days, there are some schemes available to help people that have been affected by coronavirus. A lot of individuals are struggling to pay bills because they have lost wages thanks to the pandemic.

Whether you have been let go from a job or spent months off sick, you could be eligible for some support to help you make bill payments and avoid going into debt.

Likewise, it is possible that business owners with business debt can also get help from government schemes if they are having a hard time coping with bills. 

This article is not financial advice. It is just a small look at what you can do when you are struggling to pay your bills. The most important thing of all is to take action as quickly as possible!

When you have one bill that you are unable to pay, it is still time to take action. Otherwise, this can quickly spiral out of control and mean that you’re unable to pay all of your bills.

Debt is hard to get out of, but there are things you can do to try to avoid it.

Try some of the tips above to deal with any bills you can’t pay, or seek financial advice from a qualified professional if you are really struggling. 

Photo by mohamed_hassan on Pixabay