How to Find Help Paying Your Bills This Month
With inflation continuing to rise, it’s becoming increasingly difficult for people to pay their monthly bills. In fact, inflation is the No. 1 concern for middle-income Americans, with 40% saying it's a major worry, according to a national survey from financial service provider Primerica. Student loans, credit card debt, and housing costs are at an all-time high, making it even more challenging to keep up with expenses.
You or someone you know may need help paying bills this month. In fact, you may be thinking, “I need money to pay bills now.” Fortunately, there are options available.
Finding help paying bills
When it comes to finding money to pay your bills, taking out an emergency loan could be a reasonable option. If your situation is urgent, apply with a direct lender like Advance America for same-day or next-day funding.
4 types of emergency loans to help pay bills
- Payday Loans are small-dollar, short-term loans for immediate expenses such as utilities, groceries, and gas. You then repay your loan in two to four weeks when you get your next paycheck.
- Installment Loans provide a lump sum of money upfront, making them useful for paying larger bills. You then make payments over time in fixed monthly installments.
- Title loans are secured loans that allow you to receive emergency money by using your car as collateral. With these loans, the lender will appraise your vehicle and offer you a loan amount worth 25 to 50% of its value.
- Line of Credit is a flexible loan that lets you draw on money as needed (up to your set credit limit). You only pay interest on the amount you borrow, and your credit line stays open for when you need it.
More ways to get money to pay bills
If you don’t like the idea of taking out a personal loan, there are other ways to get money to pay your bills.
Sell unwanted items
You probably have items you don’t use or no longer need around your home. Consider selling these items to raise quick funds by hosting a yard sale or advertising them online on sites like Craigslist or Facebook Marketplace.
Gently used clothing, electronics, kitchen appliances, and sports equipment tend to sell quickly and can help you get some emergency cash.
Ask an organization to help
National and local organizations are meant to help people when times are tough, so don’t hesitate to reach out.
The United Way, The Salvation Army, Catholic Charities USA, and the Jewish Federation of North America are a few examples of organizations that may be able to help. If you regularly attend a place of worship, see if they offer financial assistance to members in need.
Additionally, you can always search online for nonprofits that specialize in certain types of financial help. For instance, if you have a pet in need of veterinary care you can’t afford, you could qualify for RedRover Relief or similar programs that help with vet bills.
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Seek government assistance
Most government programs that offer financial assistance are meant to help with specific needs rather than provide general assistance. Here are some of the best options:
- 211. If you’re not sure where to turn, dialing 211 will connect you with financial resources and government assistance programs in your area. Depending on your eligibility, you may qualify for assistance for anything from rent to groceries.
- Lifeline. The internet has become as necessary in the modern age as food, water, and housing. If you need internet service but can’t afford to pay for it, Lifeline is a government organization that may be able to help.
- LIHEAP. The Low Income Home Energy Assistance Program is a government organization that could help pay your electric bill until your financial situation improves.
- SNAP and WIC. The Supplemental Nutrition Assistance Program (SNAP) and SNAP for Women, Infants, and Children (WIC) are government programs that provide food assistance. SNAP is a food stamp program available nationwide, whereas WIC is like food stamps for infants and babies. These programs offer funds for buying food and groceries for your family.
Visit USA.gov/benefits for additional resources and federal financial assistance.
➢RELATED: Get Help Paying Your Utility Bill This Month
Pick up the phone and negotiate
There’s a secret that service providers don’t want you to know — some bills are negotiable! Depending on your finances, companies are often willing to negotiate your monthly bill if you contact them and explain your situation.
This tactic won’t work on your car insurance bill or other state-regulated services, but it’s worth trying for your utilities and medical bills.
➢RELATED: 5 Ways To Get Help Paying Your Electric Bill
Seek credit counseling
Credit counseling can be a good option if you’re overwhelmed by credit card bills or loans. A credit counselor can design a debt management plan to help you secure lower interest rates with creditors. They can also help you set up a repayment plan and even make payments on your behalf.
If you decide to go this route, choose a credit counselor from a reputable agency that’s a member of the National Foundation for Credit Counseling or the Financial Counseling Association of America.
Start a crowdfunding campaign
Crowdfunding allows you to raise emergency money from your friends and family online. Consider creating a crowdfunding campaign if you’re falling behind on bills due to a job loss, natural disaster, accident, or other unexpected circumstance.
GoFundMe is a popular crowdfunding site that can help you raise emergency money for bills when times get tough. However, remember that funds aren’t released until you meet your goal, and you could face legal ramifications if you raise funds under false pretenses.
Start a side hustle
If you have the time, you can also pick up a side hustle to make ends meet. Depending on your skills and training, you can do side hustles online or in person. Here are a few good options to consider:
- Blog writing
- Website creation
- Lawn work
- Furniture assembly
- Food delivery
- Grocery delivery and/or shopping services
Paying bills and your credit
Being unable to pay your bills is stressful and can make you feel helpless. You might not only face late fees, past-due penalties, and a hurt credit score, but also costly legal ramifications.
Even if a creditor doesn’t pursue legal action, credit problems make it difficult to be approved for better financing in the future. So, taking the necessary steps to avoid late payments and keep your credit in good standing is important.
How much money can I borrow from an emergency loan?
The amount of money you can borrow with an emergency loan depends on the type of loan you choose. Payday Loan amounts vary by state but are generally no more than a few hundred dollars. By contrast, Installment Loans may offer up to several thousand dollars. How much money you can borrow will depend on state regulations, your income, and your ability to repay.
Assistance for paying bills is available
Life is unpredictable, and nearly everyone experiences a financial struggle at some point. It can be scary when you realize there’s not enough money in the bank to cover the bills. Just know that you have options. And if taking out an emergency loan sounds like the best option for you, we’re here to help.
Notice: Information provided in this article is for informational purposes only. Consult your attorney or financial advisor about your financial circumstances.
About the author
Jalin Coblentz has contributed to Advance America since 2023. His experiences as a parent, full-time traveler, and skilled tradesman give him fresh insight into every personal finance topic he explores.
