Ask for help early and understand your options


If you are experiencing financial difficulties, don’t wait to ask for help. It’s important to reach out early if you have any concerns with being able to pay your monthly bills, credit cards or loans.
If you call before your issues becomes too severe, there may be more options available to you than if your loan becomes severely past due.  Most lenders will have a workout or deferral options that you might qualify to use. These could involve delaying payments or making a modification to your loan to lower payments or some other option that can give you temporary relief.
It is important to know that you might be required to make a few changes in your spending habits to qualify for some of the lender programs but that will be a better alternative than the consequences of not taking any action.
If you are dealing with a service provider, you might be eligible for assistance that could include grants or other billing options. Again, if you call before the issue becomes serious that is your best option. Often service providers will turn these accounts over to a collection agency or attorney offices and then your options are severely diminished because you are not working directly with the provider.
Not being proactive with your financial issues can lead to several long term issues that include declining credit scores, outstanding judgements and in some cases garnishment of wages. Always talk through all your options before you make any decision to take any drastic action. The easy answer isn’t the best long term solution.
Ignoring calls from service providers or lenders could be seen as a lack of concern for your situation or willingness to workout the issues. Early contact on your part is usually the best move to make whenever you are experiencing any financial issues.

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