- Introduction
- What's Your Credit Rating?
- Reasons for Being Denied Credit
- Using Your Credit Card Safely for Internet Purchases
- Reestablishing Credit
- Talk to Your Creditors
- Collection Agencies
- Credit Counseling
- Alternative Ways to Pay Off Your Debt
- Paying Your Debt to Uncle Sam
- Bankruptcy
When you are having financial difficulties, it is always a good idea to contact your creditors. And if you know you're heading for hard times (you're being laid-off or are about to be treated for an illness), contact your creditors in advance to let them know.
Your creditors don't want to call and harass you or take you to court. These actions are expensive and time-consuming for them. They simply want their money. If you can give them reasonable assurances that they will get their money eventually, they will usually try to work with you.
There are many kinds of arrangements your creditors can make. They can defer your payments for a few months, if your problems are short-term. (The interest will still accrue, though.) They can restructure your debt, so that you pay a smaller amount each month over a longer period of time. If your creditor is a bank, they may even be able to make some suggestions about debt consolidation or restructuring.
SUGGESTION: If you reach an agreement with your creditors, get it in writing! It is very difficult to prove that an oral agreement exists.
| Securities and Insurance Products: | ||
| Not Insured by FDIC or any Federal Government Agency | May Lose Value | Not a Deposit or Guaranteed by the Bank or any Bank Affiliate |
| Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Infinex and the bank are not affiliated. Community Wealth Advisors is a trade name of the bank. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed by insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value. | ||
 |
||