Contact your creditors immediately if you’re having trouble making ends meet.
Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level.
Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. Your financial situation doesn’t have to go from bad to worse.
If you or someone you know is in financial hot water, consider these options: self-help using realistic budgeting and other techniques; debt relief services, like credit counseling or debt settlement from a reputable organization; debt consolidation; or bankruptcy. It depends on your level of debt, your level of discipline, and your prospects for the future.
Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops.