Low On Cash? Pay These Bills First
Most of us are hurting for cash right now. Seems like everything is down right now. The stock market, supply of masks and Lysol wipes. Even toilet paper is harder to come by. Many of us have lost our jobs or have taken a pay cut. So the question arises. What should I pay for first. We need a place to live but we also need food. What about my car payment? So here is what many financial experts are suggesting we do when we can't pay all our bills. Prioritize!
Everyone's circumstances is different so the options vary. If you can afford to go live with a friend or relative, this bill may not be your number one priority. For most of us, it is though. May sure you have a living situation worked before skipping the rent. Also keep in mind, defaulting on your rent may hurt your chances of renting later.
This doesn't mean steak and lobster. We need food to live on so make sure you have the basic food items before moving on to other payments.
3. Utilities and Car Payment
Some good news here, Congress recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES). Which prohibits utility companies for disconnecting your service. Some utility companies are also offering deferred payment plans. Call you utility company for details. Many major auto makers (and major lenders like banks) are also offering deferred payment programs.
4. Everything Else
Credit card and back taxes can wait. This does not mean you don't pay them, just make sure you pay the higher priority items first. Some banks may even negotiate with you. They rather work with you on payment than to lose you as a customer.