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Surviving Debt Wisdom

April 14, 2022

If you really can’t pay all your bills, and something has to go unpaid, prioritize what to pay:

Don’t pay creditors who are calling you because they are the loudest. Don’t pay credit card debt if it means not paying your mortgage.

Secured debt should come first, so you will not lose your house

house

or your car (which you may need to get to work)

car

Once you are in collections for other kinds of debt, the damage to your credit has likely been done.

credit cards

Be strategic about what you pay! For more on this, see our main source for this week:

Sources:

sources

Surviving Debt: Expert Advice for Getting Out of Debt from the National Consumer Law Center


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