Living Debt Free

Who Can Help You?

If you feel completely overwhelmed by your debts and don't know where to begin, start by taking a deep breath and realizing that for the most part, your creditors want to help you. Let them know what's going on--job loss, reduction in hours, medical problem or whatever--and ask for help. Suggest possible solutions such as a temporary reduction of your payments, skipping a few payments and tacking them on at the end of a loan, skipping a few payments and paying them off over a few months, dropping late fees and other charges or even rewriting a loan.

NOTE: The Federal Fair Debt Collection Practices Act (FDCPA), outlaws unfair collection practices by debt collectors working for collection agencies. This law has greatly improved conditions for debtors, although an unfortunate number of collectors still resort to abusive practices--especially with debtors whose first language is not English or with debtors who are not U.S. citizens.

Credit debt can be described as a double edged sword. It can be good and productive, as well as bad and destructive. The desire is to build and maintain a powerful credit profile. Unfortunately, sometimes lifes' unexpected turns can create situations that seem almost impossible to recover from. But rest assured there are ways to restructure your debts without resorting to bankruptcy

You can take the direct approach and ask your creditors to rewrite your loans to extend the time you have to pay or lower your monthly payments. The extensions will increase your overall costs because the creditors will charge you interest over a longer period.

These organizations, referred to as Consumer Credit Counseling Services (CCCS), have cropped up in virtually every city. For a modest fee or often free, counselors go through your debts, analyze your income, and help work out ways to pay off your debts.

American Consumer Credit Counseling

These private businesses lend you money to pay off all your debts. You then only owe one creditor -- them. You pay only one check per month, you can repay over a long term, and you can make low monthly payments.

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These are people that claim that they can restore, resurrect, or even create a new credit file. Be extremely cautious since they are not only expensive but are often involved in fraudulent schemes. Many states have regulations to prevent these company's from being permitted to operate.

Attorneys who earn a legal fee from doing bankruptcy filings have a major conflict of interest. All things being equal, their bias is to --you guessed it -- recommend bankruptcy, which generates their fees.

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