Credit Help – Where to Get It

2007-03-08 10:33:40

( Financial )



If you are in a severe credit bind, you may be desperate for help but not sure where to get it. Here are some suggestions where you can find the credit help you need.

Speak to your lenders about your situation. You will find that most of these financial institutions are willing to offer debt management help to make sure that you pay off your debt. You can ask them to suspend payments or work out a plan based on your present capacity to pay.

Credit help is also available through credit counseling services. Beware of companies and credit counselors that require you to pay fees up front. Do not believe claims that they can instantly wipe clean your credit record. You cannot repair your credit overnight. Always work with a reputable company.

Debt consolidation help is another option you can consider. When you consolidate your debt, a single loan pays off your existing debt and you make payments to the new lender. If you are struggling to manage your debt and meet your monthly obligations, this can work for you. Always research and compare several lenders and get multiple quotes. Review the terms and conditions of a debt consolidation loan before getting one.

Consider bankruptcy filing only when you have no other option left. This means that you have actually tried every other means to get credit help. A bankruptcy will appear in your credit report for 10 years. This damages your credit standing and affects your future efforts in securing a loan.

You can also ask for help from family and friends but this poses some risk to relationships. Problems arise when people fail to realize that not everyone will be able to give them a hand. If a relative or a friend refuses to lend you money, do not take it against them. When you find someone who is willing to give you a loan, do not break his trust. Pay what you owe as promised. Keep your word and you will be saving more than just your finances.


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