(DailyTreasure.com) – Every person faces financial instability at least once in their lifetime. If you feel that you can’t come up with enough money to cover rent this month, don’t try to let it slide. Late or missed payments could hurt your relationship with the landlord and cause more issues down the road.
Let’s explore several actionable ways to solve your rent problem.
Talk to the Landlord
If you are a good tenant, your landlord is just as interested in keeping you in the apartment as you are in staying there. They don’t want to deal with eviction or look for new tenants.
That’s why, if your problem is temporary, the easiest way out is to talk to the landlord. Explain your problem and ask for a payment extension.
Ask for Help
Talk to your friends and family about the situation. Paying back to your loved ones is much easier than dealing with banks. While letting your friends know about your dire situation can be embarrassing, you may be surprised by how many helpful options they can suggest.
Local Non-Profit and Religious Organizations
If you need urgent assistance with your rental payments, you can try calling 211. This number can connect you to local non-profit and religious organizations that may be able to help. You can get confidential assistance from a local expert who will work hard to solve your problem.
Use Your Credit Card
You can use your credit card to make a rent payment. However, since landlords rarely accept direct credit card payments, you would need to use payment processing services. Some of them are:
All of these services come with a fee of 2% – 4%. The major downside of this option, besides having to pay interest, is that it affects your credit utilization ratio.
Cash Advance
Another quick fix is to use a cash advance. This involves using your credit card to withdraw cash and giving it to the landlord. While convenient, this option can be costly. The flat fee for such transactions can reach $10. If you don’t pay back on time, cash advances can negatively affect your credit score.
HUD Housing Program
If the issue with rent payments is ongoing, you may want to consider exploring government programs. One of them is the U.S. Department of Housing and Urban Development (HUD) Public Housing Program. Its goal is to provide rental housing to low-income families. Find out if you qualify by contacting your local public housing agency.
Another government program to consider is a home investment partnership program.
Find a Roommate
While sharing your home with someone else may seem tough at first, it can cut your rent payments in half. First, talk to your landlord about the possibility. If they agree, take the time to find a suitable roommate that you don’t mind living with. Finally, make sure that the roommate agrees with all points of the rental contract.
Ask The Salvation Army
The Salvation Army can provide one-time assistance to help people in need to cover their rent or utility payments. To find out if you qualify, contact your local Salvation Army office.
Another place to get similar emergency assistance is the Modest Needs Foundation. Find out if you are eligible for their self-sufficiency grants here.
There isn’t anything wrong with having rent payment issues every once in a while. The best way to avoid a disaster is to address the problem in advance. The earlier you start taking action, the more chances you have of keeping your home.
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