If you are struggling to pay your rent, don’t panic. Stay calm and consider the options available to you. American Hope Resources aims to help Americans struggling with financial concerns. Our friends at American Hope Resources compiled seven tips on what you can do if you struggle to rent.
Review Your Lease Agreement
The first thing to do when you find yourself struggling to pay rent is to review your lease agreement. This will give you details on the penalty for late fees, how you can notify your landlord or property manager of your struggle to discuss a payment plan and the existence of a grace period before which the late payment penalty will be imposed.
Contact Your Landlord or Property Manager
The next thing to do is to quickly get in touch with your landlord or property manager to give notice of your struggle to pay so that you can discuss the options available to you say American Hope Resources. You should do this as soon as you become aware of your inability to meet up with the payment deadline.
Suggest A Payment Plan
If you can’t afford to pay the entire sum at once, you can suggest a payment plan that you can afford to work with. You can suggest an installment payment plan that requires you to pay smaller amounts over a few months.
Negotiate A Lower Rent
You can also try to negotiate a lower rent with your landlord or property manager for a few months till you can get back on your feet. Trying to negotiate a payment plan shows the landlord that you are committed to paying them the best that you can. Ensure that you get all agreements signed and in writing to prevent issues later on.
Manage Your Other Expenses
You must redraw your budget when you’re struggling to pay your rent. Cutting off unnecessary expenses and bills will make room for more money to be freed up. For more tips in this department, definitely check out some of the other strategies we offer at American Hope Resources.
Seek Assistance
You can seek assistance from local nonprofits, veteran affairs, religious organizations, unemployment, and other assistance programs that help people who can’t pay their rent on time. You can also seek the help of family members, friends, or support groups that you are a member of. Some of the organizations that you can reach out to for assistance include The U.S. Department of Housing and Urban Development, Catholic Charities USA (CCUSA), The Salvation Army, The USDA Rural Development Program, Modest Needs, etc.
Get A Loan If Necessary
If all other options have been exhausted to no avail, then you can consider getting a loan. Getting a loan can be a great option for a short-term need. You can consider getting loans from family members because they are usually interest-free. However, you can also get a loan from a financial institution. Make sure you carefully go through each repayment plan to decide which works best for you.
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