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How to Prioritize Your Debt: 5 Tips to Keep in Mind (Pt. 1)
September 3, 2014
Not all debt is created equal, as some debt will be more important than other types of debt to pay off first. Being aware of what debt may be a higher priority to pay before other debt can be critical to saving money and limiting other stresses as you get your finances in order and ideally work towards achieving a debt-free future.
In this blog series, we will take an in-depth look at some of the specific factors that can make certain debt more important to focus on paying down first when you may be shouldering various types of debt.
If, however, you are unable to cover all of your high-priority debt payments and you need some real relief from debt, contact the Denver, Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke. We can help you get out from under serious debt.
Are You Ready to Prioritize Your Debt? If So, Here’s What You Should Do…
Tip 1 – Pay debt associated with your basic, most essential needs first.
First and foremost, you need to pay any debt that is associated with your essential living expenses, which specifically include the costs of your needs for food and shelter. After all, you need to make sure that you have a place to live and that you basic nutritional needs are met before other debt can be satisfied. To this end, the highest priority debts on your list of all of the debts that you have should be:
- Your mortgage debt (or debt related to your rent expenses)
- Utilities bills
- Water bills
- Food bills.
While these types of debt will be the most important to pay first in any given month, it’s important to point out that there may be ways to cut down these monthly bills to free up additional money to put towards other debt. For instance, while utilities companies may offer discounts to low-income households, it may also be possible to cut down on food bills by buying food in bulk or using coupons.
For our continued discussion regarding how to prioritize your debt, stay posted for the upcoming second and third installments of this blog series that will be posted soon!
Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.
If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C.
For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our clients’ cases are resolved as favorably and efficiently as possible.
Contact Us Today
For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us using the contact form on this page.