Avoid falling behind on your bills.

Falling behind on bills or debt payments can emerge from many sources — from an unexpected cost to not making enough money to cover your monthly expenses — but, at the end of the day, you can catch up on late payments by really digging in and committing yourself to make that happen.

Your Loan Depot not only provides title loans and cash advances, but we’re also here to support your financial journey through education. Learn more about how you can catch up on late payments in today’s post.

Organize Your Bills

If you’re a person who keeps bills in a shoebox or never looks at what’s going on in your online account, it’s time to face your late bills! Organizing your bills is the first step in catching up on late payments.

Create a spreadsheet with all of your bills, and keep the bills you’re late on at the top (highlighting them in a different color also helps). See exactly what you owe and begin prioritizing them.

Prioritize Your Bills

In that same spreadsheet, begin to prioritize each bill by the order of importance such as mortgage, utilities, high-interest credit card debt, and accounts with late fees. You need the basics like a place to live, running water, and transportation, which is why these bills should always be prioritized first.

Get Creative With Your Money

It’s easy to suggest, Just make more money every month to cover your bills, but the reality is, many people don’t really have that option — making more money appear doesn’t just happen and it’s not that simple. So, sometimes you have to get creative to find the money to get caught up.

First, you’ll need to determine exactly what you’ll need each month to put towards late payments and bills, which will likely mean halting any unnecessary spending. If you currently have all the streaming services, cut these down to just one or two; and limit going out to eat and other forms of entertainment such as movies or concerts.

You may also want to consider making extra money by selling items you don’t necessarily need — is there a bike that’s just collecting dust or a musical instrument that is more decoration than anything? Sell a couple of things and put that money towards overdue bills.

Negotiate With Companies

It’s important to communicate with companies you’ve fallen behind with, and many times if you give them a call and explain what has happened, they’ll work with you to figure out a payment plan.

Consider A Second Job

While this may not be ideal, it’s a short-term solution in helping you earn more money so you can get caught up on your bills. There are many part-time jobs where you can earn decent money, such as waiting tables.

You can think about what you like and align a part-time job that way. Love animals? Work at a doggy daycare or pet-sitting service. Have a knack for wine? Give tours at your local winery.

After You’re Caught Up

After diligently working towards paying off late bills with thorough organization, prioritizing, and finding ways to make more money, now is not the time to party and go back to old ways — this is the time to be more intentional about your finances.

Sure, you can spend a little more on fun activities, but enacting emergency savings is a good place to start for the future of your financial health. It is also a great time to explore long-term solutions to avoid falling behind again.

And, after all is said and done, a budget could be very beneficial. It can be as simple as knowing how much you earn each month and being contentious about your spending and actively managing your accounts, to adhering to a strict budgeting method.

Stop surviving and thrive financially by getting your bills in order and catching up on all your late payments. When you’re in the green, your credit score is better and it lifts the stress and anxiety that money often causes.

At Your Loan Depot, know that there’s no reason to struggle through tough times. If you’re hit with a sudden financial burden, gain peace of mind with title loans — borrow what you need, when you need it.

Learn more today!