Low income can never be an excuse for not paying debts! Here's what you need to do!

Why is low income a bad excuse for not paying off debts?

Some debt relief options you should know of, if you are having a low income:

  • Bankruptcy:
  • Debt consolidation and debt settlement:
  • Do a little budgeting:

There are many who do not have adequate income to beat debts. They are either saving money for debt payments, or some of them have already surrendered.

Is it the low income to blame, for not paying off debts? Or is it your ignorance of all the available options, we have, in the debt industry?

low income

City Girls Savings looks forward to educate the modern age women about personal finance and lifestyle. This post is therefore dedicated towards helping women cope up with debt payments even when they bring in a considerably low income each month. There’s no age or status bar to this post.

Be it you are single, married, teenager or a mom. We hope to reach out to you, so that you can easily deal with debts and not give ‘low income’ as an excuse for defaulting on your debt payments.

Keep reading, and don’t forget to comment your views and ideas! Your small talks will help us grow!

Why is low income a bad excuse for not paying off debts?

Your paycheck doesn’t speak much! Okay!

But have you tried to do something about it? Like getting another job, or having some side kicks, or say an increment, or something sort of?

If no, then you need to try all of those! If yes, then well, you must be exhausted by now, that you have tried everything, but in vain!

But, there’s nothing to feel bad about. We all have our rough days, and we all glide a rusty road, some time or the other.

Still, I think we all should keep trying, till we get a suitable job with a good pay off! A low income proves that we are not trying enough! You just got to understand, what you are best at.

Your mastery should be your profession! There’s absolutely no issue in breaking away from the pack! We are all different, we are all unique, and we all are made for and subject to different, different fields!

A profession that’s not paying good, plus not satisfying you, only means, it’s just one of your many bad decisions!
Leave it, drop it, take a break, and search for something new! If you are already tired searching for the new, then search for something newer, more newer, more more newer!

Keep searching, till you die trying! One way or the other, you can pay off debts, but can you pay off death??

At least, you will have long stories to tell in the Valhalla!!

The debts you have, won’t wait till you have a decent income.

If you are married then talk to your spouse, for any help. Don’t you ever think that debts will cost you your relationship!

If there are debt accounts owned by both of you jointly, then you both should start doing something better so as to get extra stash coming in every month.

I believe the problem lies if you are single, or have a baby on top of it to take care of! Married couples should not have much problem in getting out of debt.

Moreover, women have started to look at debts differently. There’s no need to be scared of debts or low incomes.

And, I have this belief that low income is just a state of mind!

You can easily come out of it!

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However, if all these bright motivational lines don’t stir you much, then, below, I am discussing,

Some debt relief options you should know of, if you are having a low income:

Bankruptcy:

This has been, is and always be the best and fastest debt relief step you can get, when you have little to no income.

Bankruptcy contains two chapters fit for the general consumers or citizens! We have Chapter 13 and Chapter 7.

When you file a Chapter 7, you are telling to your creditors, that you have nothing to pay off your debts, and hereby surrender! But, your personal possessions and assets may get compromised.

On the other hand, Chapter 13 will give you room to breathe! A reorganized payment plan will be given to you, and a decent period of time, to pay off your debts. Unlike Chap. 7, your properties won’t get liquidated here.

But, bankruptcy might just not be your option overall! You probably don’t get a good gut feeling when people talk about bankruptcy! And, the reasons for being worried are also quite justified. Bankruptcy hurts your social life!

It may give your financial life a clean chit, but you might end up more depressed and anxious, given the harsh consequences, that bankruptcy at times throws at us!

In that case, I have two other debt relief options for you.

Debt consolidation and debt settlement:

These are both well suited for unsecured debts. Consolidation helps to summarize all your debts bills into one single median monthly payments.
Whereas, settlement brings down your overall debt amounts, and makes you a pay a lump sum amount for your debts.

You can choose any one among these two, to get out of debt on a low income. You can do both consolidation or settlement on your own, but it’s better if you work with a settlement or consolidation company.

So, any unsecured debt can be handled using either! Both these debt relief options are considered to be golden ways to clean debts, in the debt industry. I would always say, that these two are far better than bankruptcy.

And, for a low income, settlement is a gem, I tell you that.

You get to lower your debt amounts, and pay them off for good! What else do you want?!

Do a little budgeting:

A budget is money’s best friend. If you are smart enough, then a budget alone can pull you out of debts. Budgets really have that much of potential.

Since you have a very low income you will have to keep aside savings and luxury expenses for the time being! Completely focus on your debt payments, and make enough spaces in your budget to accommodate your bills.

We all know, that budgeting is tough for novice players. Why not work with us, and get a free consultation for your budget queries?!

Things will be very lucid this way, and you will be spared of the calculation hassles, that budgeting involves.

Alright, I am looking forward to see a debt free soul shining in you! I wish you all the best, and super success in your life ahead!

-Andy

Andy MasakiGuest Writer