An important step in debt repayment planning is deciding which invoice to pay first. You need to make a solid plan to prioritize your debt so that you can manage your funds efficiently. With the right payment plan, you can easily pay off your debt.
The following will help you know the first invoice to pay when paying off your debt.
Food and housing
Because a proper living environment is essential, you need to pay your rent and mortgage and buy enough food. If you don’t pay the rent on time, the landlord can evict you. Delaying mortgage payments can lead to foreclosures. You also need enough food to stay healthy.
Utility
Phones, electricity, gas and water are important, so you will need to pay these invoices to avoid interruptions in these services. Many utilities offer payment plans that allow you to pay the same amount each month, so you can budget accordingly.
Car loan and insurance
Paying your car loan on time will help you keep your car. If you miss a single payment, the loan lender will get your car back. You must take out insurance on time so that your driver’s license will not be suspended in the event of an accident.
Child support
You should continue to make partial monthly payments for your child support. Otherwise, your driver’s license may be suspended. You can contact your lawyer or DCS to change the amount you are currently paying.
Student loan debt
Student loan debt must be paid on time. There is a repayment plan based on household size and current income. Failure to pay your student loan debt may result in a refund of social security benefits, wages, or federal income tax. Repayment options differ for private and federal student loans.
IRS Debt
You have to pay the IRS debt according to your income. IRS debt can be paid with either a one-time payment or a short-term payment plan. The IRS may put IRS debt on hold or some IRS debt may go bankrupt.
Hospital and medical expenses
If you go to the ER room or are admitted to the hospital, you are eligible to settle the hospital bill with charity care. Charity care helps you pay full or partial invoices when your income is low. If Charity Care does not cover your hospital bills, or if you have other dental or medical bills to pay, Chapter 7 Bankruptcy will remove these bills May help. Chapter 7 Bankruptcy can only be filed once every eight years.
Credit card
If you pay all these invoices, you can pay your credit card invoices if you have some money left. If you do not pay your credit card bill, the credit card company or collector can only file a proceeding against you. These bills can be refunded through the bankruptcy of Chapter 7.
If you don’t have enough money to pay these invoices, you can consider using a payday loan. This helps resolve financial emergencies.
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