After indulging over the holidays to buy your children and the rest of your family members all of the gifts that they wanted, you may find yourself faced with a conundrum in the next few months. Your big holiday bills may come due before you have all of the funds you need from your paychecks to cover them. And rather than incurring massive late fees as well as the potential for negative credit reporting, you are likely looking for alternative possibilities and solutions. Luckily, there are different options available to you to help you out with your post-holiday financial woes. Get to know some of these potential solutions so that you can keep yourself above water until your paychecks start rolling in again.
Consider Payday Advances Through Check Cashing Services
If you really need money before your next paycheck and you are close to your credit card due dates, one of the ways that you can get the money you need is through a check cashing service. Many of these services offer what are known as payday advances.
These payday advances basically work just as they sound. You bring in documentation of your regular rate of pay, such as your few most recent pay stubs. Based on that information, the check cashing service will offer you a full or partial advance on your payday paycheck. A company like Bridge Capital Solutions Corp could help you out with this.
Of course, this service is not without strings attached. The payday advance does come with fees and you are expected to pay the full amount of the advance back within a short period of time (around your next payday). If you do not pay the money back, you will be looking at hefty fees and penalties as well as the impossibility of using these services again in the future. So, be sure that you are using the payday advance for the right reasons and that you can pay the money back immediately after you get your paycheck.
Talk To Your Credit Card Companies For Alternative Payment Plans Or To Change Your Due Date
Credit card companies can sometimes get a bad rap when it comes to how they deal with customers who are struggling to make payments. However, the problem is that many people wait until they are significantly past due on their credit card payments to talk to their card companies.
If you know that you do not have the money for your next payment due date, and there is not way to get a payday loan or other assistance in time, you should call your credit card company before the due date. Explain to them the exact circumstances of your situation and request an alternative payment strategy.
Some credit card companies will be willing to lower the minimum payment due for a few months to help you bounce back, for example. This arrangement accommodates your needs but keeps the credit card company getting some kind of payment toward the balance. It also fosters a good relationship with you so they can keep you as a customer in the future. And sometimes, a simple shift in the payment due date is all that you need to make your payment on time. This is also a possibility if you ask your credit card company to do so before your payment is past due.
Now that you know a few of the ways that you can deal with your post-holiday bills when they come due before you have the funds to pay them, you can put these methods to use and keep your credit and finances in good standing.