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You probably can’t see an end to the problem you are in right now. Bills are pilling up, creditors are calling and one by one your services are being turned off.
Take a deep breath. You are not alone. According to the Federal Reserve, consumer credit rose by $14.3 billion to $2.59 trillion in the third quarter of 2008.
So what do you do?
1) Gather all your bills. You want to ensure you have every bill you owe so that no surprises pop up when you believe you are done.
2) Write down all your creditors, how much you owe and their contact information.
3) Write down what you can comfortably pay each creditor.
4) Call your creditors. Do not hesitate to call even if you have received threatening calls, letters, and emails.
Finding a viable solution is as easy as picking up the phone and explaining your situation to your creditor. Believe it or not, your creditors
will be willing to work with you. After all for them to remain in business, they need for you to pay your bills.
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Call your credit card company up and ask for a reduction or complete forgiveness of finance charges and annual fees. In today’s recessed economy it,
credit card companies have an invested interest in keeping you as a customer.
Ensure to explain the credit card company or other creditors what problems you are facing today that are preventing you from making payments.
They may suggest lower payments or freeze your payments for a period of time to allow you get back on your feet.
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