How To Perform An Emergency Triage When Behind Your Bills

Posted on: 17 February 2019

Typically, you will want to pay all of your bills. Any bills you miss will cost you more money through fees and may also lead to your credit score being damaged. In the end, you may have debt collectors calling to recover damages. However, in an emergency situation, you may need to prioritize which bills you'll pay.

Protect Your Income

When you have an income, you must do whatever possible to keep the income stream flowing. For example, if you need a car to get to and from work, make sure to make your car payments so your vehicle does not become repossessed. Do whatever possible to avoid being evicted because this can turn into an emergency situation or may at least be very expensive. It is also much more difficult to continue working when you don't have a residence. 

Know When to Move

In some cases, you may need to move. For example, if you are renting an apartment, you could be evicted in as little as a month. However, if you have a mortgage, you may not want to move somewhere less expensive because it may take months for the foreclosure process to end. If you contact the bank, you may even be able to negotiate for a temporary break on your mortgage payments. 

Prioritize Bills

Once you have paid the essential bills, focus on bills that would do the most damage. For example, while missing a credit card payment is not advised, missing a child support payment can lead to more dire consequences.

Get a Loan

If you have an emergency, you're best off looking for a loan service, like American Cash Advance and Title Loan, that will help you pay your bills. Even if it may cost money, if you are unable to maintain your income stream, that would be a more dire situation than if you have to pay the interest for a loan and put up collateral. The best type of loan to pay off your bills is a short-term loan. 

Many short-term loans will allow you to apply online so you may receive hundreds of dollars in as little as a day, deposited directly into your bank account. Typically, you'll have to prove that you have the income to pay off the loan, such as a paystub. After you have obtained a loan to pay your bills, focus on changes you can make to your life that will allow you to avoid falling behind in the future.