4 Things to Do When You Have Overdue Debt

Debt can be a source of stress and grief and can make you worry about your finances constantly. Fortunately, debt is not the end and you can tackle it by taking responsibility for your own situation. After all, no one should care for your money more than you.

4 things you could do when you have debt looming over you are

 

  1. Checking If the Amount is Correct

Do not be in a rush to pay a debt just because someone walks into your office and demands the money. A tactic with debt collectors or anyone who wants their money back is to rely on shame and guilt; yours. And not to mention the panic that ensues as they make their way down to your cubicle or desk.

Keep your cool and ask the person to give you their version of the accounts and tell them that you will get back to them. Then compare their version and yours (assuming you kept a record). Look out for errors in the amounts, when payments were due and if all the payments you did make were recorded.

  1. Acknowledging the Debt

Denying the existence of a debt and refusing to answer one’s phone by screening one’s calls or by ignoring mail or pretending that you have moved from where the creditor is trying to reach you  is a very bad idea. Why…because the debt will still be there when you decide to emerge.

Ignoring a debt does not make it nonexistent and guess what? It may even accumulate, because as long as you have a balance, the interest amount on your debt will keep on piling up. And if you miss your payments, you can start adding late penalty charges to what you owe too.

  1. Reducing Your Online Foot Print

You may not have given out your physical address and if you did and made a move to another place but still maintain an active presence on line then it is time to reduce your postings. Especially if you are keeping your contacts updated on your new stuff…the Italian marble kitchen, the last resort you checked into or maybe your daughter’s bash with dozens present.

These postings will not translate well and will look as though you are flaunting and care little that there are debts looming over your head. Collector’s trying to get some money off you will not be amused so take a little time off your social media page.

 

  1. Not Spending Money Carelessly

 

The stress of being in debt can make it hard to spend wisely because you are looking to assuage something. However, careless spending is not the answer as this is one of the most important times to pay careful attention to how you’re spending money. Every bit you waste on something unimportant is money that could have been used to reduce your debt.

Use a budget to plan your spending and track your expenses to catch places where you’re spending money unnecessarily.

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About Balekile Gausi

A prolific writer covering work, money and lifestyle that passed through university coming away with a very good grasp of public administration, money and banking, international relations. She was a civil servant that quickly opted for self-employment. And as a trained and published writer she has been freelance feature writing for several decades but has also published fiction in Drum and The BBC Focus on Africa Magazine. Now settled and living in Lusaka after many years of living in several cities in Africa and Europe; Balekile is also an avid bird watcher, is married with 3 adult children and has an extraordinary fondness for chikanda ( the Zambian delicatessen that vegans and non-vegans world-wide are putting on their bucket list!)

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