If you're not financially prepared to pay up, late fees or other charges can bury you deeper in debt. Circumstances can change over a matter of weeks through financial setbacks like unemployment, an unexpected bill, a family emergency or other events.
When you're feeling the financial squeeze of those pay-in-four buy now, pay later plans — and possibly other debts - it's important to create a plan to pay down balances.
Here are a few options to consider as you strategize your way out of debt.
1. UPDATE YOUR BUDGET
Review your budget and trim unnecessary expenses or swap services for less costly alternatives. Cancel unused subscriptions, for example, or switch to a cheaper streaming service.
If you're also struggling with credit card debt that may take three to five years to pay off, consider consulting an accredited nonprofit credit counseling agency about a debt management plan, which can consolidate some balances into a single low-interest payment. Note that accounts enrolled in the plan are typically required to be closed, which could affect your finances in the short term.
2. CHANGE YOUR PAYMENT DUE DATE
Some lenders like Klarna and Afterpay allow you to change the payment due date or request an extension.
هذه القصة مأخوذة من طبعة January 13, 2022 من AppleMagazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة January 13, 2022 من AppleMagazine.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16, BIG TECH SAYS
An advocate for major social media platforms told an Australian Senate committee that laws to ban children younger than 16 from the sites should be delayed until next year at least instead of being rushed through the Parliament.
APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE
Apple and Google aren’t giving consumers a genuine choice of mobile web browsers, a British watchdog said in a report that recommends they face an investigation under new U.K. digital rules taking effect next year.
THE PSYCHOLOGY OF RETIREMENT INCOME: FROM SAVING TO SPENDING
The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.
'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt.
DIRECTV CALLS OFF ACQUISITION OF RIVAL DISH.POSSIBLY ENDING A YEARSLONG PURSUIT
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
IS 'GLICKED' THE NEW 'BARBENHEIMER'? 'WICKED' AND 'GLADIATOR II' COLLIDE IN THEATERS
“Barbenheimer” was a phenomenon impossible to manufacture. But, more than a year later, that hasn’t stopped people from trying to make “Glicked” — or even “Babyratu” — happen.
WHAT YOU NEED TO KNOW ABOUT THE PROPOSED MEASURES DESIGNED TO CURB GOOGLE'S SEARCH MONOPOLY
U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled Google maintained an illegal monopoly for the last decade.
ELECTRIC CAR SALES ARE SLOWING IN THE US AND EUROPE AS BOTH FANS AND SKEPTICS SHARE CONCERNS
While sales of electric vehicles surge in China, adoption of more environmentally friendly vehicles is stumbling in the United States and Europe as carmakers and governments struggle to meet years-old promises about affordability and charging stations.
IT'S ALMOST TIME FOR SPOTIFY WRAPPED.WHEN CAN YOU EXPECT YOUR 2024 RECAP?
It’s almost that time of year: Spotify is gearing up to release its annual Wrapped, personalized recaps of users’ listening habits and year in audio.
RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS
A ransomware attack that hit a major software provider last week caused disruptions for a handful of companies over recent days, from Starbucks to U.K. grocery giant Morrisons.
