Does This Example Sound Like You?
Mrs. Jones has received an annual bonus from her employer for several years now. The bonus that she receives normally is used to catch-up on bills and debt payments. This year she did not receive the bonus and is now a few months behind on the payments. The creditors have started to call and her stress level has increased. What can she do?
What Can You Do?
If you are relying on a bonus or other lump-sum payments to keep-up with your bills, then the concern usually is around your monthly budget. It is best to write down what your monthly income and expenses are. If there is a short fall, then you are left with increasing your monthly income and/or reducing your monthly expenses. If the part of the expenses that you are falling behind on is the monthly debt payment, as there is no money available for it, then a debt management plan, proposal, or bankruptcy could be an option to give you a fresh start financially. To investigate your options, click here for more information.
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