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How can you prioritize your debts in 2022?

You might be feeling overwhelmed if you owe several debts. It is obvious to feel overwhelmed when you have a lot of weight on your shoulders and you cannot pay your debts off. In this blog post, you will learn how to pay your debts easily and quickly. If you are facing an issue paying off your debt, you can contact the Best Debt Negotiation Services in Washington

It may become difficult for you if you don’t pay off your priority debts before other debts, which can be very serious. If you are struggling a lot to pay your debt and are confused about where to start, you should sit and look at your debt and split them into priority and non-priority debts. Split your debts in three following ways:

  • Non-Priority Debts 

Non-priority debts are the less severe ones. If you are not paying the non-priority debts, your lender may take you to court or bailiffs to get money from you. The non-priority debts may include: 

  • Personal loans
  • Bank or building society loan
  • Overdrafts
  • Credit card loans
  • Home credit debts
  • Money borrowed from a friend or family member

The water and sewerage bills are generally considered non-priority debts, but you should pay them and consider them essential as household outgoings. If you do not continue to pay these amounts, then the amount you owe will continue growing up. You can also learn about the Best Debt Negotiation Services in Washington.

  • Priority debts

The priority debts are the ones that are most important to pay; otherwise, it can result in severe consequences. The priority debts include: 

  • Council tax
  • Court fines
  • Child maintenance
  • TV license 
  • Electricity or gas bills
  • Income Tax 
  • Mortgage or rent

If you don’t pay the priority debt, then it can result in the following consequences: 

  • Receiving court summons
  • Being visited by bailiffs
  • Being made bankrupt
  • Losing your home
  • Having lighting cut off
  • Debt emergencies 

Are you facing a debt emergency? Then it would help if you listed these emergencies on one side; debt emergencies can be anything like: 

  • Bailiff action
  • Court action 
  • Disconnection 
  • Rent arrears or exile of mortgage  

It would help if you got Free Debt Advice in Washington while living in Washington. 

A debt counselor will help you talk to the bailiff, court, or creditor on your behalf. Your counselor will advise you on how to pay your debt and what to do next. You should always be available for the court hearing. It will help you to get a chance to agree. If you are not available for a court hearing, they will decide without knowing about your situation, which can result in severe consequences. 

When you are there during the hearing, you can explain your condition to the court, and the court will decide in your favor. It may result in a better decision for you. Some courts use advice organizations like Citizens Advice or Shelter to help you provide last-minute advice. 

The Final Words

You can ask your counselor to help you plan how to pay your debt. It will help you to deliver your debt in an order which would be easier for you.

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