QUEZON City, Philippines (Eagle News Service, July 17) – Despite the official reports regarding our country’s economic improvement, many of us still fall short of financial security. While many can get by with the usual types of financial assistance like loans, non-payment of such can mire one in crippling debt.
So, how do you know if you’re in financial trouble? What should you do?
One of the telltale signs that you are having trouble with your finances is the fact that you are struggling to pay off your bills, with unpaid bills actually piling up.
First, prioritize your debts. Some debts will have more dire consequences if unpaid compared to others.
Of course, the first way to solve your debt problem is to not incur them at the first place, but many find it difficult due to economic circumstances. To start your long and hard crawl up the debt pile, you should include paying off debt as part of your budget. This will motivate you to reduce your spending.
Give extra attention to debts secured by collateral than unsecured debts. After all, you don’t want to lose your property, right?
Don’t hide from your creditors. Make sure that you have an open, good and honest line of relationship with them. This will ensure that your credit standing remains good as well as your reputation as a good debtor.
As a last word, try considering asking professional help in order to manage your financial matters.
(ENS, written by Jay Paul Carlos, with additional research of Lovely Ann Cruz, Mary Rose Faith Bonalos and Dexter Magno )
