When Debt Is Swallowing You Up
Here's the thing. If you feel like you're dying by debt load, your debt is way out of control. Now that you're here, though, you don't have to give up and go down. The trick is to realize that you are in trouble, and get the help and advice you need.
Overwhelmed by mortgage payments
Believe it or not, your bank or mortgage lender would really prefer it if you came to them as soon as you know you are in hot water. It is in everyone's best interests to resolve debt repayment issues and avoid bad debt, repossessions, or bankruptcies. And, there are ways to resolve your debt and repayment problems. Here are a few things to think about:
If you have missed payments, due to illness, layoff, or other temporary factors, you may be able to apply those missed payments back across the rest of your mortgage. Or, you may be able to re-finance your loan over a longer period of time. Another option might be to make payments on a monthly basis, rather than every week or two weeks, if that's what you have been doing.
Credit card debt
The same is true for credit card debt. Contact the credit card company and see if you can get the interest rate lowered, or close the card and arrange to pay off the debt over time. This will avoid your debt going into collection, which can really hurt your credit score. Contact credit counselors-you can often get free advice on how to manage your credit load.
What you can do
It's always best to talk to your bank or credit counselors with your financial information in hand. Don't try to hide anything. Remember, they can and probably will do a credit check and find out anyway. So work out what you owe on your credit cards, your mortgage back payments, and other credit accounts and bring all those with you. The better prepared you are, the better these professionals can help you.
Moving forward
Keep a budget. Always know what you make, what you owe, and so how much you have to spend. Choose cash where you can. It's amazing how tight fisted you can suddenly become when you're handing over real green, and not swiping a little plastic card in a machine. Keep one, or maybe two, credit cards. And keep the balance well below the maximum allotted. And if you find yourself in a monetary tight spot, contact the experts. They're ready to help.
by: Molly Wider
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