How to Get Help With Financial Burdens

In today's economic crisis, many people are experiencing financial burdens and don't know where to turn for help. There are many things that can increase your financial debt, such as a long illness, college tuition, large monthly mortgage payments that are unaffordable and a host of other issues. Take the following simple steps to help you alleviate your financial burden.

Instructions

Process

1

Take about an hour or two out of your schedule. Sit down with your spouse or a trusted friend. This exercise will teach you how to be accountable. Write out all your debt obligations. Include personal items such as food and entertainment at the bottom of the list and add up everything. Subtract the total from your combined or current income. If you are in the negative, then you are in trouble and need help.

2

Contact the National Foundation for Credit Counseling to find a certified company. NFCC is a nonprofit organization that has a certified list of reputable credit-counseling services in your area. Use the search engine to find the "National Foundation for Credit Counseling," website and phone number.

3

Make an appointment and discuss how you will pay off your debts. The counselors will work out a payment arrangement that ensures all creditors are paid, and that you still have money for living expenses.

4

Arrange to start making payments within 30 days of your visit to the credit-counseling service. This will give you enough time to get your finances in order. Let the credit-counseling representative know the exact date that you will begin paying off your debt.

5

If your financial burden is salvageable and does not require extreme measures, try to get a temporary loan from a family member or friend. Work out a payment plan that is easy for you and that will keep your relationship intact.

6

In the April 29, 2006 issue of "Money Central online newsletter," Liz Pulliam Weston, notes that sometimes credit counseling may not be the answer. Bankruptcy, even though detrimental to your credit, may be your only option. Make an appointment with a lawyer to discuss your options. This should be your last resort.