Options for Paying Your Property Taxes
So, you have received a property tax bill or notice that you are delinquent on paying your property taxes. Now what? If you’re like most people, you don’t have thousands of dollars in the bank to simply make a payment. An expensive bill and the stress of impending late charges and interest fees can be so overwhelming that you might consider unconventional options for paying your debt.
Asking Friends or Family for a Loan
Although a personal loan may seem like a great solution to avoid costly interest rates and processing fees, keep in mind that everything comes with a cost. Missing payments or being unable to repay family or friends can lead to fights or lost friendships. Avoid an uncomfortable conversation with a friend or family member by considering alternatives to paying your property taxes.
Paying with a Credit Card
While it might be tempting to take the easy way out and pay off your property tax bills with a credit card, there are several things to keep in mind. Do you know the interest rate of your credit card? Many credit cards have interest rates of 20% or more and the tax bill may take up much of your credit line, leaving you with no room for other important expenses.
Although many credit companies offer enticing low interest promotional deals, keep in mind those low or no interest deals are only good for a set amount of time and often come with a hefty processing fee. If you’re planning to pay off the bill in a month or two, this may be a workable option but if you don’t have the cash to pay it off for months the interest could add up quickly.
Property Tax Loan
If you’re looking for an option to extend your payments at an affordable amount, a property tax loan could be a great fit for your needs. A property tax loan will very likely have an interest rate below any rate you would pay on a credit card.
A property tax loan offers greater flexibility than a credit card because helpful loan officers can work directly with you to customize a repayment plan that meets your needs.
Property tax loans offer the convenience of a lower interest rate and repayment on a schedule that accommodates your unique situation all while leaving your credit card open for other needs or emergencies that may arise. Contact us today so we can work together on a plan to take control of your property taxes.