Need Quick Cash? List of Do’s and Don’ts

Financial crunch can hit anybody any time; even when you are financially strong so far and do not make any unplanned moves you might feel the pinch some day.

When hit by the financial crisis people often take wrong steps and get into deeper problems. Whatever is the reason behind; it is important for you to do the right things. Single mistake and you would dig a deeper whole on the ground.

Do’s

  1. Looking for ways to earn more: Probably a second job might help you get rid of the financial crisis. Joining a part time job after the day job is not something uncommon; in this age of internet you can find suitable work from home jobs too.
  2. Rent house and move to a smaller one: If the condition is going out of control and you need a decent amount of money every month, you can rent your house and move to a smaller home or move with your parents or any other relative if possible.
  3. Rent a room: If possible rent a room of your house; you do not need to move anywhere and get a steady monthly cash flow.
  4. Equity release: This is a good way to cash in on your house; but most lenders offer equity release plans to the senior citizens only.
  5. Sell house for cash: This is a feasible way; however, you must be sure that the cash you will receive by selling the house would be sufficient to solve your financial requirements and to buy a new, probably smaller home. Contact cash buyers to get highest cash for your house.

Don’ts

  1. Unplanned use of credit cards: Credit cards are for emergency but if you just keep on punching it without any plan you might be in deep trouble. Credit card debt does not take much time to pile up and you suddenly find yourself under deep and never ending debt.
  2. Payday loans: Payday loans cannot be the permanent solution to your financial problems. These are typical short term loans and can only be taken if you are 100% sure that you would pay it off on your next payday. If you continue renewing the payday loans for a year or so you might end up paying high interest.
  3. Stopping mortgage payments: Whatever be your financial condition, never stop paying mortgage instalments. If you are facing hardship, inform your lender about the situation and see what they have to offer. Do not stop making payments suddenly – it might lead you to bigger troubles later on.
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