In the aftermath of a disabling injury, overcoming the resulting financial burdens may seem like an uphill battle. However, it is possible to beat debt and regain control of your financial future with the right strategies and support. This article will explore practical and effective tips to help you navigate the challenges and achieve financial stability after a disabling injury. Read keenly and be confident of finding much-needed help.
1. Seek Support from Social Security Disability Benefits
When a disabling injury hinders you from working, you should consider seeking help from Social Security Disability benefits. According to the Center on Budget and Policy Priorities, social security programs financially benefit 8.2 million, including 104,000 spouses and 1.4 million children. These benefits can alleviate some financial burdens for a more stable financial future.
2. Explore Remote Job Opportunities
The internet has opened up the world of remote online jobs, allowing flexibility and independence in employment. Pursue online jobs in diverse fields that match your skills and interests, such as online tutoring, virtual assistant, content writing, graphic design, and programming. Regrettably, according to Statista, approximately 60% of Americans with disabilities do not have internet access. If you’re part of the statistics, you are missing out on the tremendous earning potential the Internet offers. Consider installing the internet in your living space and enjoy the convenience of working remotely.
3. Communicate with Creditors and Seek Assistance
Don’t hesitate to communicate with your creditors if you find it challenging to meet your debt obligations due to your injury. When you explain your situation, the creditors might offer potential options to reduce the burden, including reduced deferments and hardship programs. Many creditors are willing to work with individuals facing financial difficulties, especially when presented with genuine situations. Additionally, seek assistance from nonprofit credit counseling organizations, which can guide debt management strategies and lead negotiations with creditors.
4. Create a Realistic Budget
When dealing with debts, it’s important to assess your current financial situation carefully. Your assessment should involve evaluating sources of finances, monthly expenses, and outstanding debts. A precise assessment will help you identify areas where you can cut back or adjust your finances to free up additional funds for debt repayment. For example, consider reducing non-compulsory expenses such as eating out, entertainment costs, and subscriptions.
5. Your Insurance Cover Can Offer a Relief
Accidents happen unexpectedly, disrupting our lives and leaving us vulnerable to various challenges, including financial burdens. The National Safety Council’s data show nearly 2.5 million individuals were affected by disabling and non-disabling injuries resulting from motor vehicle accidents in 2021! This underscores the need for proactive measures like getting comprehensive insurance coverage. Your insurer will cater to your costs of medical treatment, rehabilitation, and daily living finances, enabling you to navigate the aftermath of the accident with peace of mind.
6. Consider Debt Consolidation or Settlement
Debt consolidation or settlement programs can be viable options for individuals struggling with multiple debts. The former involves combining all your debts into a single loan or credit account, typically with a lower interest rate. Doing so allows you to simplify your repayment process and potentially reduce your monthly payments. On the flip side, as part of a debt settlement, you can negotiate with your creditors to settle your debts for less than the full amount owed. It’s a suitable option if you can’t meet your debt obligations and must reduce the total amount owed.
Note: These options may have potential drawbacks, such as the impact on credit scores and potential long-term costs; however, they can provide a path toward debt relief.
If you’re facing a disabling injury that burdens you financially, don’t lose hope. Believe in your ability to overcome adversity. More importantly, engage a reputable debt professional for practical solutions. You’ll overcome!
