Money makes the world go around, and you must earn enough to survive and thrive. It is easier said than done because staying on track financially is becoming increasingly difficult.
Are you meeting your financial obligations? Getting behind on bills is never an option, but a credit card will only stop you from credit buying. Electric bills are different. Getting behind on these essential services could mean your power gets shut off, and you are in real trouble.
Are you in a bind and don’t know where the money comes from to make timely utility payments? The faster you get it taken care of, the better because bills easily snowball, and then it will only make it harder to catch up. Try these options and budget for the next utility bill in your mailbox.
These are some options for paying an overdue electric bill.
Payday Loans
Another helpful strategy for paying your overdue electric bill is a payday loan. These companies provide short-term loans to help people get out of jams, and it is a lifesaver when you get behind on bills.
Payday loans are fairly easy to get, and they usually charge a flat rate for their lending services. They can get you the cash you need fast so you can make your overdue payment. Once you receive your regular paycheck, they are reimbursed, and you are back on track.
This is easier than asking your family and friends for money or qualifying for a bank loan. If you have a regular income stream like a paycheck, pension, or child support payments, they will bridge your financial gap.
Call the Utility Company
When people get behind on bills, they often ignore them and avoid contact with the lender or provider. This shows that you are trying to avoid them and not pay, even though this is usually not the case. A better strategy is to call them and explain your situation.
Let them know you are trying to catch up on your payments and ask for a grace period to get current. Often, they will give you an extension and avoid late fees.
Another option they may offer is a payment plan to catch up. Ultimately, they don’t want to shut down your service, so contact and work with them to get back on track.
Get a Bank Loan
Most electric bills are not that big, but during the winter, they can increase. If you are late, you may owe several months of service at once. Now, you have a large lump sum to come up with, and it can be overwhelming.
Make an appointment with a loan officer at your bank and see if they can help. This will be a small, short-term loan, so they should be able to help you with either a standard loan or a credit line. The utility company will pay you and keep the lights on.
Ask Family for Help
This can be a humbling experience because your family members are the last people you want to tell. Fortunately, these people love you and should be your first thought when you need a helping hand.
Talk to your parents or siblings about a short-term loan to pay your electric bill. If you promise to pay and honour them back, they should bail you out of this situation. Make returning the money your top priority when you get available cash so they don’t regret helping you.
Ask for an Advance From Work
This is another hard ask but necessary when behind on bills. As long as you are in good standing with work, they can help you.
Meet with your boss and explain your situation. They are usually understanding and want to assist you so you don’t struggle. Make sure it is a one-time advance, and work hard to show them your appreciation.
Use a Credit Card
This is not a good financial move, but it is included here because it is better than shutting your power off. Credit cards allow you to make purchases and get a grace period before paying them off. You should never carry a balance unless necessary and then work towards paying it off because of high-interest rates.
If you have room on your credit card, pay off the overdue bill and, in turn, pay off the card by the due date. Never use a cash advance, as you will be charged interest immediately.
