Home prices in many parts of the country have been rising for years. And while household debt loads continue to mount, reports show that just about everyone is making their payments, the Huffington Post says. However, that’s mostly because of the liquid housing market. It’s quite easy to turn your home into cash if you no longer have the money to pay the mortgage.
Tougher mortgage rules and higher mortgage rates, though, could affect all that. If you get stuck with a ton of debt, here’s what you need to know.
List down your debts
How much do you owe and to what companies? Make sure you know the interest rates too, along with the due dates for each payment. Lay all that down in front of you. Once you see your debt, it’s easier to see the bigger picture and find out if you’re already way in over your head.
Pay on time
Late payments can incur extra charges. You want to save every dollar you have, though, so make sure you pay off your debts on time. Miss too many payments and you could end up with higher interest rates as well.
Create a bill calendar
If you’re the forgetful sort, then a bill calendar can remind you when your next payment is due. That should make it easier for you to prepare the cash in advance.
Look for professional help
If you’re having a tough time paying off what you owe because of massive debt, get help from debt experts at 4 Pillars in Victoria. They can provide you with tips and advice to help you decide your next steps.
Consolidate your debt
Think about the merits of consolidating your debt. Make sure you do it with a trusted firm. Get help from 4 Pillars in Victoria and know more about what debt consolidation will mean for you.
You can contact our consultant Chris Grew for more details!
Disclaimer: All 4 Pillars Debt Relief Specialists are independent consultants that represent and advocate for the debtor during their insolvency and throughout their financial rehabilitation. 4 Pillars Debt Relief Specialists are not Licensed Insolvency Trustees, Lawyers, or Non-profit Credit Counsellors.