Dealing with Financial Stress

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Consumers who are experiencing financial stress to reach out to their creditors or a certified credit counselor for solutions. Here are some basic tips to help customers avoid and better manage their debt:

• Track your spendings :- To find money available for savings, first determine where you are currently spending your money. Write down every small spendings. At the end of the month, take a look at where your hard-earned cash really goes.
• Up to date budget :- A well-designed spending plan considers all sources of income, living expenses, debt obligations, and savings. Be sure to incorporate all 3 expense categories -
  1. Fixed expenses (e.g., mortgage, auto loans and rent)
  2. Variable expenses (e.g., credit cards, groceries, entertainment, clothes and gasoline) and
  3. Periodic expenses (e.g., property taxes, home repair, and car maintenance).
• Use credit card wisely :- It is not a good idea to rely on your credit card to pay for living expenses when you don´t have the cash available. As a general rule, you should not be spending more than 20% of your take-home income on credit card bills or loans, and this includes your car payment.
• No new Credit cards application :- Simply because you’ve reached the credit limit on existing cards. When your cards are taken to the limit DON’T apply for new credit cards , it is time to pay off the balance and adjust your spending habits.
• Experts recommend paying at least double the minimum required payment.
• Try to reduce expenses :- Look for no or low-cost entertainment and cut back on other day-to-day spending. Small reductions in daily spending quickly add up to big savings.
• Get help from creditors :- If you encounter any problems repaying your debts, contact the creditor immediately and explain the situation. Creditors often will work with you to come up with an alternate payment arrangement.
• Dig your credit report :- A credit report contains credit, loan amounts and payment history and is used extensively to evaluate your credit worthiness. Read each report carefully as there may be discrepancies between the 3 credit bureaus. If you find errors, file a dispute with the credit bureau.
• Credit counseling help :- If you have been unable to resolve your finances on your own, consider working with an certified credit counselor to create a debt plan you can live with, one that helps you budget your money and repay your debt.
• Debt management plan :- While a debt repayment plan can eliminate much of the stress that comes from dealing with creditors and overdue bills, it does not mean you can forget about your debts.
• You still are responsible for paying any creditors whose debts are not included in the plan.
• You also need to review the monthly statements from your creditors to make sure your payments have been received.
• If your repayment plan depends on your creditors agreeing to lower or eliminate interest and finance charges, or waive late fees, you are responsible for making sure these concessions are reflected on your statements.