If something unexpected happens and you end up spending an extended period in the hospital, there are lots of different issues you’ll have to cover. Not least the problems the situation is going to cause for your finances. There is a decent chance your employer is not going to send wages while you’re ill or injured, and so you might struggle to pay your bills and cover all your expenses. With that in mind, there is a strategy outlined below that anyone can use to tip the scales of balance in their favor. Make sure you read this information carefully and apply it if the worst happens.
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Call your creditors immediately
The first thing you need to remember is that ignoring your financial responsibilities won’t make them go away. If you become the victim of a personal injury or illness, it is critical that you call your creditors as soon as possible. Let them know about the situation, and ask if they can make an arrangement that means you do not default on your obligations. In some instances, the lenders will reduce your monthly payments until you get out of the hospital. You can then use your savings to send that money and ensure you don’t get into trouble. Nobody wants debt collectors at their door, right?
Ask your bank for a mortgage break
Your mortgage is usually the most substantial payment you have to make each month, and you don’t want your account to fall into arrears. Getting out of debt like that is difficult. Thankfully, many mortgage providers now enable their clients to take a payment break during the contract if they face emergencies. That means you might only have to pay the interest on your mortgage rather than the full amount at the end of the month. Again, that will help you to deal with the situation and ensure you can keep on top of your finances.
Apply for credit cards if you need them
If you come to the point where you can’t pay your bills due to an illness or injury, it is sensible to loan the money you need. Your bank probably won’t offer you a loan when you explain your circumstances, and so you will need to take a look at all the other options on the table. Credit cards are usually preferable because you don’t pay any interest if you clear the balance at the end of the month. So, that should give you some leeway and the opportunity to make alternative arrangements. You can find comparisons of credit card deals online.
If you follow the advice from this article the next time you have to spend some time in the hospital; you should manage to navigate the storm and ensure you don’t end up getting into lots of debt. Of course, you need to use some common sense during the process and weigh all the options available. So, feel free to tailor this advice based on your circumstances. Nobody wants to lose their home or car due to the non-payment of debts.
