Financial Trouble: Where To Start
Carrying too much debt will eventually create additional problems
. You may be keeping up with payments right now, but as soon as there is an emergency cost which demands already targeted money, you will be looking for new ways to take care of it.
Evaluate your debt.
*How many credit cards do you have open with balances at max?
*How many of these cards only get the minimum payment each month?
*Are you applying for whatever cared gets offered to you, no matter the terms?
*Have you been using cash advances from the credit cards to make your payments?
*Are cash advances or payday loans used for everyday living expenses?
*Do you know how much you owe?
*Do you know how long it will take to pay off your debt if you continue making the same monthly payments?
*How often do you miss or are late making payments?
Once you have reviewed your debt, prioritize the liabilities and dispute any debt that you believe is not your responsibility. Contact the creditors yourself if you find any errors in the debt and dispute any charges not made by you.
Contact your creditors and communicate your payment difficulty to them. Explain your situation and request that your interest rate be lowered or some sort of payment plan be set up. Contacting your creditors before you fall behind will bring you better results. If you find that you are on the phone with someone who is not open to your situation, ask to speak to a supervisor or call back to speak to a different support person.
Create a new budget, start from scratch and build your new one based on prioritizing your debt. Cut unnecessary costs wherever you can find an area subject to the possibility. Groceries are a great place to start cutting to free up funds which can placed elsewhere. Saving a few dollars a day will add up quickly and will help make a dent on paying down on some of the debt or used to start a savings account to help with future emergency costs.
Depending on your income, you could look for additional help from a government assistance program or utility discounts. Many gas and electric companies have their own savings qualifying plans which may provide you some relief on those monthly costs. Ask your local church or community group if resources are available in your area.
If you continue to struggle making necessary changes on your own, there are credit counseling agencies who have qualified counselors to work with you to make your budget work positively for your debt. Look for agencies that are not affiliated with creditors and have certificated counselors. Find a counselor with whom you can meet face to face with for a more personal relationship. You will be able to communicate better working personally with this person.
When your situation is bad enough where you already have collectors calling you and pressing you for payments, take your time and investigate your next step in debt solutions. As eager as you might be to be rid of the problem, signing on with the first company to say yes is not a good strategy. Shop around and research the history of these businesses. If you have unanswered questions or feel pressured to sign on, keep searching for a company you trust. There are too many scam companies out there eager to take your money and providing little or no positive results for you.
by: Jen Smart
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