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PAY YOUR BILLS during the shutdown

Published on: December 10 2022 by RockstarFlipper

The government shutdown has left many people wondering how they will pay their bills. With no end in sight, it's important to take proactive steps to ensure that you can stay on top of your finances.

Tips for Paying Bills During the Shutdown:

1. Prioritize Your Bills: Make a list of all your bills and prioritize them based on their due date and importance. Pay the bills that are due soonest and those that are essential for your basic needs, such as rent or mortgage payments, utilities, and food.

2. Contact Your Creditors: If you're unable to pay your bills on time, contact your creditors and explain your situation. Many companies may be willing to work out a payment plan or defer your payments until the shutdown is over.

3. Look for Assistance Programs: Check with your local government or community organizations for assistance programs that can help you pay your bills during the shutdown. Many programs are available to provide temporary financial assistance to those affected by the shutdown.

4. Cut Back on Expenses: If you're struggling to pay your bills, look for ways to cut back on your expenses. Cancel subscriptions, dine out less frequently, and limit your entertainment expenses.

5. Utilize Savings: If you have savings, consider using them to pay your bills during the shutdown. While it may not be ideal, it's better to use your savings now than to fall behind on your bills and accumulate debt.

The government shutdown has left many people in a difficult financial situation, but there are steps you can take to pay your bills and stay on top of your finances. Prioritize your bills, contact your creditors, look for assistance programs, cut back on expenses, and utilize your savings if necessary. By taking these steps, you can minimize the impact of the shutdown on your financial well-being.

PAY YOUR BILLS during the shutdown

Title: Payment Deferment - A Word of Warning

In light of the current health crisis, many companies are offering payment deferment options for outstanding bills. While this may seem like a great relief for those struggling to make ends meet, it's important to understand the implications of deferring payments before taking the leap.

Sub-heading 1: Payment Deferment - What Does it Mean?

Payment deferment simply means that the payment will be made at a later date. It does not mean that the payment is going away. In normal circumstances, companies that defer payments usually charge a fee or interest. Under the current circumstances, some companies are offering deferments without fees or interest, but this is not the case for all companies.

Sub-heading 2: Deferment for Mortgages and Car Payments

In the case of mortgages and car payments, deferred payments are usually added to the end of the loan or bill cycle. For example, if a car payment was deferred in April, it would be added to the end of the loan, so the next payment would be due in June instead of May. This is a manageable way to defer payments.

Sub-heading 3: Deferment for Rent and Other Bills

Rent and other bills, on the other hand, may not have an end date for the loan or bill cycle. If a rent payment is deferred in April and May, the landlord may require double the rent in June and July. This could be a huge financial burden for those who have lost their income due to the current crisis. It's important to check with each company to determine if payments are being deferred to the end of the loan or to the following month.

Sub-heading 4: The Importance of Checking for Late Fees and Interest

If you decide to defer payments, it's important to check if the company is charging late fees, interest, or fines. You should also ask if the deferred payment will be added to the end of the loan or bill cycle or if it will be due the following month. Getting all the details before deferring payments is crucial to avoiding a financial burden in the future.

Sub-heading 5: Cash is King

With the market crash looming, it's important to keep as much cash as possible. Liquidating assets and taking advantage of any offers that come your way is a smart move. Cash will be king in the coming months, and those who have it will be in a better position to weather the storm.

While payment deferment may seem like a lifesaver in the current crisis, it's important to understand the implications before taking the leap. Companies may charge late fees, interest, or fines, and deferred payments may be due the following month, causing a financial burden. It's crucial to check with each company and get all the details before deferring payments. Keeping cash on hand is also important in the coming months.

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