What to Do When You Have Too Many Bills and No Way to Pay Them

1/1/11 by Jeff Gordon

Are you drowning in bills? Getting into a financial pickle is easy when you’re living paycheck to paycheck. One slip up, trip to the hospital, or car problem and you’re wondering how on earth you’re going to pay your bills. Money problems can be very stressful, so it’s better to take action sooner rather than later. If you have too many bills, there are a few things you can do:

Borrow Money from a Friend or Relative

This is the first thing you should try to do since your friends and relatives are likely to give you an interest-free loan. Borrowing money from a friend or relative may be fine and dandy the first or second time you do it, but your loved ones won’t be too pleased if you continue to ask them to lend you money, especially if you haven’t finished paying them back for the money you previously borrowed.

I borrowed money from my older sister and parents a couple of times and while they were okay with it, it made ME feel uncomfortable. I don’t like to ask anybody for favors, so I try to avoid borrowing money from people I know. I’d rather borrow money from a faceless institution. My money problems are a private matter that I’d rather not have my extended family gossiping about at family reunions.

Dip into Savings

You have savings, right? Okay, you might not, and that’s nothing to feel guilty about. Theoretically, everyone should put a little bit of money away each time they get paid, even if it’s only $5 or $10, but it’s easier said than done. I always put emergency funds away but I find that my emergency account gets emptied out all the time because of unexpected bills and what not. So, if I find myself with yet another unexpected bill, my emergency savings account is empty, and none of my friends or relatives can lend me money, I have no choice but to…

Get a Payday Loan

Payday loans have a crummy reputation, but they’re honestly not what people make them out to be. Most anti-payday loan activists are wealthy people who have never even lived paycheck to paycheck, so they have no right to tell us working class folk what we can and can’t do with our money. Yes, it’s bad if you rollover a payday loan because the interest and fees will rack up. But if you only borrow what you need and make sure to pay it all back with your next paycheck, you’re good. That means you need to take all of the other bills and living expenses you have to pay with your next paycheck into account. If your paycheck is miniscule and you need more money than you can afford to pay back with your next paycheck, you might feel like you have nowhere to turn. I found myself in that situation several months ago.

My car had transmission issues and the mechanic told me it would cost $1800 to fix. I had $800 available to pay the mechanic, but there was no way I’d be able to pay back a $1000 loan with my next paycheck. Fortunately, I found a payday lender that offered a longer repayment period of 100 days. That gave me enough time to pay the loan back, so I could get my car fixed. If you’re in a similar sitch, check out 100DayLoans.com. They offer instant approval, quickly deposit the funds, and don’t require a credit check, so it’s a pretty good deal.

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