What does one do if i have a house note credit card note bills their pay is ccut they cannot pay all?

Gaylord
I know someone who had their pay cut due to economy, has a big house note and bank won't refinance, big credit card bill from college, and regular living expenses. What does a person in this day do in a case like this? There are so many people living on the government that do not need to. What does one do if they aren't disabled and do try?

Jani
They need to look for a part time job to help supplement their income for one thing. Then they need to prioritize their spending. If they are going through an economic crisis, they don't need to be eating out. Period. They need to develop a strict budget for the money they are bringing home and stick to it. Then, they need to prioritize what payments they actually need to make. First, they need to eat. It may be eating rice and beans and beans and rice, but they need to eat. Next, they need to keep the electricity, heat and water running. After that, they need to keep gas in the car so they can get to work. If they have a car payment, then they need to consider selling the car and getting a used, paid for car. After gas, then make the house payment. If they can't make the house payment, then they need to look at selling the house IF the pay cut is going to be a permanent cut and they will not be able to make the payment on the cut salary once the real estate market has recovered. But for right now, they need to do everything in their power to keep the mortgage payments up, including taking part time jobs as mentioned earlier. If their income goes back up to previous levels, they won't have the trouble paying the mortgage that they are having now, right? They may need to adjust their phone plans. If they have both home phones and cell phones, they may need to cancel the home phone and adjust their cell plan to a cell plan that costs less every month. They need to buy clothes when they need them (kids seem to outgrow clothes and shoes pretty fast). The absolute last thing they need to pay is the credit card bill. If they don't have any money after paying the necessities, then the credit card bill doesn't get paid. If there is some money left over after necessities, then that money goes to the credit card bills. And if it is not their desired minimum payment, then that's too bad.

Alica
You cut back on things and look for new work. Many people are in that boat right now.