Financial Trouble

What to Do if You Find Yourself in Trouble

If financial difficulties arise, don't panic. Instead, develop a plan to regain control of your finances and discipline yourself to follow it. Be proactive. Call your creditors and negotiate to keep your accounts current and from being reported as delinquent or "bad debt." If you find it difficult doing on your own, seek the assistance of a credit counseling service.

Here are other tips to help you solve financial problems:

• Drastically reduce your credit card usage. If necessary, leave your card at home or keep it in a different part of your wallet as a reminder.
• Establish a realistic budget with account payments as a top priority.
• Set up a specific timetable for paying off your debts.
• Make at least the minimum payment due every month.
• If you can't make certain payments on time, call your creditors right away. They will help you work out a reasonable payment schedule.