Getting Help with Debt
Are you taking on new debt to help pay off old debt? Are you always late making your monthly payments? Are you using credit cards for everyday living expenses, such as groceries and gas? Are bill collectors constantly calling you, demanding payment?
There are steps you can take immediately to try and improve your financial situation:
- Stop spending money you don’t have. There’s a saying that goes "When you’re in a hole, stop digging." This is especially true in this situation. If you don’t have a budget, make one. Cut out every unnecessary expense.
- Don’t ignore the situation. Many people take the ostrich approach to financial problems. They bury their heads in the sand and hope for the best. Unfortunately, this very rarely works. If you’re having trouble making your monthly payments, call your credit card company, or mortgage servicer, or car loan company and explain to them the situation. Try to work out payment arrangements that you can handle. Most companies will try to work with you, if at all possible.
- Make minimum, on-time payments. While you are struggling, make the minimum payment due but always pay on time. Once the situation improves, increase the amount you pay every month.
- Get credit counseling. There are many professional, licensed nonprofit agencies that can help you get back on track. Stay away from agencies that charge exorbitant fees for their services.
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