- 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
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.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
| Not NCUA Insuredor Any Other Government Agency | No Credit Union Guarantee | Not Credit Union Deposits | May Lose Value |
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Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.
