Not Even Congress Can Get Your Creditors on the Phone
By Mike Wayman
Perhaps this post is a bit different from the rest. The reason is that this story needs to be heard. I think one of the reasons that so many people get scammed in the credit repair industry, the debt consolidation industry and in the loan industry is that the providers of credit, the people that extend debt and loans stop caring about you completely when you experience a hardship.
The moral of the story is that we are important to our creditors only when we make our payments on time. If we experience a hardship, or, as I like to say it, if life happens to people, then there is no one to talk to on the credit provider level that can help. What this causes is the client seeking solutions elsewhere. Perhaps the best way to clean up the financial services industry is to regulate it more. Not necessarily regulate it more in terms of what they offer or how they conduct business, but how they respond to customer care when financial hardship arises.
Can’t Afford To Pay A Bill? Your Credit Score Doesn’t Have To Be Affected
By Mike Wayman
If you have bills piling up it can be tempting to put them away for handling later. This does nothing but create more problems, however, and is not a solution to anything. What can you do when the pressure is on and you cannot keep up with bills?
First, there are many not-for-profit organizations who can help such as the Citizens Advice Bureau, the National Debtline, and CCCS, the Consumer credit counseling service. They will give you confidential advice on how to handle your rising debts and deal with your creditors. Whenever you have a bill that you are struggling to pay, contact one of these companies right away.
It is best to contact the company that you are having trouble paying and let them know you are working towards them problem. If you make regular payments that will show the creditor that you are serious about resolving the balance despite your situation, and can help with your relationship to the creditor.
It is helpful to create a budget to help watch your incoming and outgoing money. Focusing on being honest about your money can help you get a clear understanding of how long it will take to pay back.
