Finance Quick Answers
I have had a drop in my income and cannot pay all of my bills. How do I prioritize which ones I pay first?
Prioritize bills by which is the most important. At the top of the list, should be bills that:
- Maintain shelter (rent or mortgage);
- Maintain vital services (utility, phone, transportation insurance);
- Cost the most to postpone (bills with late penalties, repossession or disconnect/reconnect charges); and
- May be vigorously collected.
Source: Barbara Rowe, Plan to Pay Creditors and Protect Family Welfare, Utah State University Extension, FL/FF-I-06.
Last update: Monday, July 28, 2008