MENU
  • Home
  • About
  • Miami Hotels
  • Palm Springs Hotels
  • Anaheim Hotels
  • Asheville Hotels
  • Beverly Hills Hotels
  • Savannah Hotels
  • Travel
  • Blog
  • Lifestyle
  • Business
  • Home & Family
  • Pet Travel
  • Technology
  • Health
  • Contact

September 28, 2020

Dealing With Debt When You’re Disabled

No one wants to deal with debt. But this aversion becomes something totally different when you’re living with a disability. While there’s nothing easy about dealing with debt when you’re disabled, these ideas can help you get to a better financial position.

Communicate with Your Creditors

Communication is key in all parts of life. But this is particularly true when it comes to dealing with your debts when you’re disabled. No matter your circumstances, a disability simply makes it unreasonably difficult — if not impossible — for you to repay your debts in the expected fashion.

It’s essential to let your creditors know the general nature of your situation. This might require you provide them some form of documentation to prove your disability. Doing this will help you in a couple of ways. First, your creditor doesn’t know what’s going on in your life. They essentially see you as a set of numbers. Informing them of your situation can get you leniencies with your debts. Further, some creditors forgive obligations when a borrower becomes permanently disabled.

Ask your lenders about their policies if this has happened to you.

Seek Out Extra Forms of Aid

There may be supplemental aid programs available to help pay your debts. Government programs and grants are one place to look when you need extra assistance. It’s smart to sign up for all programs that offer free essential services. Whether it’s Medicare or any other kind of government program, it’s not a bad idea to save money by using free services available to you.

There are also grants and programs to help people with disabilities. Individuals applying for college might be able to get scholarships set aside for people with certain disabilities.

Consider Consolidation Options

Unfortunately, not everyone is able to get the help they need when dealing with debt and a disability. In situations like this, it might make sense to look for options for credit card consolidation.

One path is to work with an agency to get a consolidated loan. In this scenario, your various credit card debts will be rolled up into a new loan, with a single monthly payment at a reduced interest rate. This can simplify the repayment process, as well as lighten your debt load.

A credit card balance transfer is another way to consolidate your credit card debt if you don’t want to work with an outside agency. You’ll move your existing accounts onto a new one with a low introductory rate. This will give you some time to pay down your debt without accumulating new interest, which is typically quite high on credit cards.

There are, however, a few downsides to consider. You’ll need to pay off the debt during the low-interest period or you might end up in a worse financial position. You’re also going to have to pay a fee to complete the transfer — typically three to five percent of the account balance.

Make sure you understand the pros and cons of this approach before attempting it.

Take Care of Your Mental Health

No matter the nature of your disability, it’s important to give yourself the time and permission to take care of yourself mentally. Dealing with debt and a disability at the same time is hard. Feeling overwhelmed in this scenario is completely normal, and not a failing of your own in any way. Find things that help your mental state, and don’t be afraid to reach out to those who care about you. Treating yourself well will make dealing with your debt much more manageable.

Working through debt can be a tough thing to do. It gets even more challenging when you’re handling a disability as well. Hopefully, these tips will help you get to a better place with your debt.

 

About US

Hey :) I'm Cass and my blog Stayful is all about living the full life. I love to review hotels and write about anything lifestyle. I'm passionate and creative about everything I do in life. Travel is a top contender for my free time, but I also like to play with technology and decor.

Featurd Post

How Shelton Haynes is Reflecting Roosevelt Island Operating Corporation’s Unique Environment in Improving Diversity, Equity, and Inclusion

May 23, 2023 By Cass

Reviewing Avodate – how to date online successfully?

May 23, 2023 By Cass

4 Reasons a Road Trip Should Be Your Next Vacation

May 19, 2023 By Cass

Follow Us Online

  • Facebook
  • Instagram
  • Twitter

Subscribe to our newsletter

Follow us on Facebook

Stayful Blog

About Me

Hey :) I'm Cass and my blog Stayful is all about living the full life. I love to review hotels and write about anything lifestyle. I'm passionate and creative about everything I do in life. Travel is a top contender for my free time, but I also like to play with technology and decor. Read More…

Featured Post

Top 5 Effective Bait Options for Catching Crawfish: A Comprehensive Guide

Graduation Gratitude: Different Types of Thank You Notes to Send When You’re Feeling Blessed and Proud

Issues You Can Discuss With A Los Angeles Employment Lawyer

Follow us on Facebook

Stayful Blog

Follow Us Online

  • Facebook
  • Instagram
  • Twitter
Copyright © 2018 Stayful

Copyright © 2023 · Slush Pro on Genesis Framework · WordPress · Log in