What to Do If You Can’t Pay Rent

Sourced from https://www.thesimpledollar.com/financial-wellness/what-to-do-if-you-cant-pay-rent/

The rent is due on the first, and there’s no way you can pay it. It doesn’t look like you can pay it for a while, either, unless you start skipping out on food. You’re at a point where some tough decisions are going to be made. What do you do?

It’s a frightening situation to be in. While I’ve never been in a truly desperate situation, Sarah and I in our earlier years faced a period where we struggled mightily to pay the rent and found ourselves late a couple of times. We found that having a plan, knowing our rights and talking openly to our landlord made all of the difference in the world.

Let’s start at the beginning.

1. Know your lease — and your rights.

The first thing you should do is dig out a copy of the lease you signed and find out what exactly it states regarding late payments. What are the penalties listed for late payment? What are the guidelines for eviction in your lease?

You should also make sure you&#82… Read More

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