Managing Your Credit and Debt
- 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
Talk to Your Creditors
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.
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Securities and insurance products are offered through INFINEX INVESTMENTS INC. and its affiliates, member FINRA/SIPC. Infinex Investments Inc. and Exchange Investment Services, Inc. are independent entities.
Securities and insurance products are offered through INFINEX INVESTMENTS INC. and its affiliates, member FINRA/SIPC. Infinex Investments Inc. and Exchange Investment Services, Inc. are independent entities.
Not FDIC Insured | Not Bank Guaranteed | May Lose Value | Not Guaranteed by any Government Agency | Not a Bank Deposit
This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. registered representatives. Infinex Investments Inc. registered representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all the investments and services mentioned are available in every state.
