How to Get Caught Up on Payments

Falling behind on your payments can put you into a dangerous cycle, with late fees and interest charges making it even more difficult to get caught up. Failing to get current on your bills may cause the company to cut you off, or you may even lose your home. It's important not to turn away from your problems, even if you fear the worst. Doing so will only dig you deeper into the hole.

Instructions

1

Gather all of your monthly statements to determine where you stand. You may only be behind on one bill, or you may be behind on all of them. Go through each account and figure out how much you owe and how much your next payment should be to help you know how much you really owe.

2

Contact every company to which you owe money. Explain your situation and what you are able to do about it. Companies want to work with you. They may create payment plans for you, help you to refinance or create a forebearance plan, where you pay less right now, catching up on your payments after your situation changes.

3

Cut back on your nonessential spending. For example, you may be able to cancel cable service, get on a less-expensive cell phone or Internet service plan, go out less or spend less on groceries by planning your meals. You can then use the extra money to help you get caught up.

4

Look for opportunities to earn more money. You may be able to increase your hours at work or have a garage sale to sell things around your home that you no longer need. Again, use the extra money to get caught up.