Short term debt problems are manageable problems associated with temporary job loss, sickness, a large one off payment which may leave you short for a month or two or you just have a lot of small out of order debts, which you need to take control of.
Below are just a few things to take into consideration when evaluating your credit situation.
Prioritise your Payments
Prioritizing your payments is a very important step. You must choose the creditors that are most important to you e.g. your mortgage payment and your utility companies.
Next are the credit cards and store cards which charge the most interest, by paying off the cards with the most interest you can reduce the amount of interest calculated on your next bill.
Try to clear some of the smaller bills first. Although it seems like there is not a lot of interest amounts being paid on them, it still adds up. Clearing some of your smaller debts gives you encouragement to set to work on the others.
Transferring your credit card balance onto another card, with a 0% interest period is also a recommended action. This allows the full monthly payment to be deducted from your balance,...
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