Everyone occasionally faces financial challenges. The signs of sever problems are familiar: payments slip past due for more than 30 days, creditors call daily, and eventually a notice of eviction or foreclosure appears on the door. The best time to take preventative action is before you experience a severe problem.
Consumer credit counseling programs have a long history of helping people in need. As a first defense, counselors explore each person's unique financial situation. This inquiry is vital. Understanding the underlying cause of excessive debt payments is the first step toward financial recovery. Counselors also provide tips and suggestions based on years of experience dealing with creditors.
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If you still have income, you have more time and better alternatives. Counselors usually prepare an example budget, based on your personal income and expenses. These budgets attempt to pay all debts and maintain a reasonable standard of living. In most cases, income is set. Consequently, you may need to cut living expenses until your income increases.
If a new budget is not a feasible solution, the best credit counseling companies offer a wide range of choices. For example, counselors may recommend a debt management plan. These plans frequently reduce required monthly payments by lowering interest rates, extending payments, or eliminating past late fees from balances owed. Credit counseling companies necessarily negotiate with each creditor for reductions.
Children never grow up hoping to file bankruptcy. Even the word bankruptcy makes most people cringe. In severe cases, a credit counselor may recommend that you consider filing. Chapter 13 bankruptcy allows each person who files to roll past due payments in a plan. If you file for Chapter 13, you should retain an attorney. These plans last from three to five years under court supervision. If you no longer earn a regular income, you do not qualify for Chapter 13.
Bankruptcy is a full strength solution. Use it only as a last resort. If you confront problems early, you could avoid bankruptcy altogether using time-tested techniques suggested by your counselor.
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