Take time to sit down and write a list of all your outgoing monthly payments and prioritise these with most urgent cases at top of list. Also if possible try to pay off excessively high percentage rated loans first before lesser percentage rated loans.

If you are unable to pay agreed amounts to loan or credit companies contact them and explain your situation and try to come to some agreement about paying a lesser amount each month, you will find that many companies will try to accommodate your request if at all possible.

If after taking these initial steps you find you are still unable to meet your outgoing commitments it may be worth looking into possibility of consolidating your loans and debts. Basically consolidating your debts means merely finding a credit or loan provider who is willing to loan you an amount, which is sufficient enough to pay off all your present loans and debts and just make one monthly payment over an agreed period of time. This period of time to pay your new consolidated loan can be arranged in order for you to get an overall less expensive monthly outgoing amount

Copyright 2005 Terry Till

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