Bills, bills, bills. Everyone has them, but some people find them harder to pay than others. Nearly one-quarter of low-income individuals can’t pay some of their bills in any given month.
If you’re in the same boat, you may have to choose which bills to pay now and which ones to pay late.
Playing this guessing game isn’t fun. That’s because defaulting on important bills comes with hefty fines and extra interest. It can add a negative entry to your file if your creditor shares late payments to the credit reporting agencies. And worst of all, your lights or water might get shut off.
With the threat of losing power, you may be tempted to contact a payday loans direct lender for some help. Direct payday lenders offer convenient short term loans that float you the cash you need, even if you have bad credit.
These short term loans are so called because you have to repay them by your next payday. While this might be an option if you can budget for this quick repayment, it may not be if you’re already struggling to make ends meet.
They’re one of the few loans to have this quick turnaround. For more information, visit MoneyKey to learn more about these direct lender payday loans and how their repayment terms compare to other personal loans.
But before you decide to borrow any kind of cash loan, consider what you can do to lower your bills. There are ways to handle an expensive bill without taking out a direct lender payday loan.
Check it isn’t a Mistake
In the off chance it’s a billing error, review your statement carefully. Check to see that all your information is correct
- Social Security Number
- Account information
- Payment details
If there is anything wrong here, you could be receiving a bill for someone else’s account.
Check Your Meter
If there’s an unexplainable spike in your bill, your meter may be taking inaccurate readings of your energy consumption. Contact your utility provider and request they read your meter. They’ll come out for free to check their equipment is working correctly.
Reduce Your Consumption
Your energy usage is another culprit for a sudden spike. It’s the middle of winter, when you’re more likely to jack the thermostat and take hot showers, and these day-to-day habits may end up costing you.
The good news is, you can lower your bills if you change these habits. Learn how to conserve energy by setting your thermostat lower, taking cooler showers, and waiting to use energy-sucking appliances at off-peak times.
Read also: How to Profit from Solar Energy
Ask about a Financing Plan
Call up your utility company and explain your financial situation. Although this conversation may be hard, it can help your budget. Many utility companies offer financing plans that change how often you pay. And if they don’t, ask them how they can help. Most companies would rather get paid something than nothing at all, so you may have some leverage here.
When you’re in a tough spot, it can feel like you’re all alone with nowhere to go. But you have options. Try these tips first, keeping a direct lender payday loan on the backburner as a safety net in case none of the options shared here today work. This advice may help you handle a big bill when you’re short on funds.