On behalf of Gregersen Law posted in blog on Friday, September 22, 2017.

If things are tough financially at this time in your life, you are definitely not the only person in Utah with money problems. In fact, you could probably visit every state in the country and find hundreds of people (if not more) in each place trying very hard to keep their heads above water where finances are concerned. What led to your current financial trouble may not be as significant as what options are available to help you get life back on track.

The answer to that question may be multifaceted. Parts of the solution may in fact be easier than you think. Sometimes, there may be ways to cut spending and gain access to funds right under your nose that you didn't realize existed.

Financial trouble doesn't have to be permanent

With determination and perseverance, you may be able to make substantial headway toward restoring financial stability by implementing a few minor changes in the way you handle money. The following list includes ideas for cutting spending and obtaining more funds to pay off debts:

• Stay home more often: You might be surprised at how much save over time simply by not going out as often. By thinking of it as an opportunity to use your creative thinking skills to find ways to entertain yourself and your family, you might wind up enjoying Friday nights at home instead of Hot Wings Night at your favorite local club. You may be able to use the money you'd normally spend on your evenings out to pay off a few bills.
• Have a few sales of your own: Online shopping is an ever-growing trend, making it very easy for you to sell assets you may have on hand. From artwork to jewelry, even clothes you have in your closet that you never wear, you can post pictures in various online market venues and earn income that can help pay your bills.
• Pay toward your principal: Sending more than your minimum payments is a great way to lower debt, fast. You can specify that you want any over-payment going toward the principal of your balance.
• Shop second-hand: If you've never tried consignment shopping, it might be good time. You can purchase clothes (even brand named items) at a fraction of the cost you'd face if you bought the same thing off the rack in a department store.
• Get rid of stored credit info online: It's true that charging purchases can help build up your credit score; however, if your cards are maxed out and creditors are calling your house every day, that plan may not be working so well. In such situations, you might be better off deleting any stored credit card information you have online to make it less convenient to shop that way.

For serious financial crises, you can contact your lender and request an alternative payment plan. Many lenders would rather work with you to help you find a way to satisfy your debt rather than deal with the headache they'll likely get if they have to call in your loan. Typically, several types of debt relief options exist that may resolve a particular financial problem.

It's often helpful to have experienced guidance on hand as you try to determine which option works best in your situation. A Utah bankruptcy attorney can make suggestions and help you develop a plan to pay off debt and restore financial stability.