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Deep In Debt? Grab A Lifeline

It can be reassuring to know that if you ever find (or have already found) yourself in too deep, there’s help. There are wonderful nonprofit credit counseling programs, like The National Foundation for Credit Counseling (NFCC), available to you, just for circumstances like these. Some of the potential benefits include:

  • Certain fees potentially suspended and even lower interest rates (because your creditors know you’re participating in a debt management program).
  • Help developing a debt repayment budget from your counselor.
  • A more feasible debt repayment schedule that your counselor may be able to negotiate with your creditors.
  • Easier debt repayments. You make monthly payments to your credit counseling agency and they distribute the payments to creditors.

So, while you may be down, you’re never out. There’s always good help nearby. If you do need help at some point, it’s recommended that you only use counseling services affiliated with the National Foundation for Credit Counseling (NFCC).

Tip: While occasionally filling for bankruptcy may be the only way out, don’t use it as the easy way out. Bankruptcy can remain on your credit report for up to ten years, preventing you from purchasing a home or vehicle, renting an apartment, getting new credit, or even being offered certain employment opportunities.