In a Nutshell: For some, big life changes can result in big credit card bills — which seem to just keep growing bigger with time. When your personal debt has become unmanageable, it may be time to consult a professional, like the Certified Financial Counselors at Consolidated Credit. A nonprofit agency, Consolidated Credit offers extensive financial education resources, including webinars and interactive courses, to help you learn how to use credit wisely. For those burdened by extensive credit card debt, they also have a debt management program designed to help you get control of your debt and start making progress toward a debt-free life. Anyone struggling with debt can contact Consolidated Credit today to chat with a counselor and start taking back your financial future.
While it’s all well and good to be there when your friends are in need, sometimes, you just have to draw the line. For Margaret, that realization came too late — thousands of dollars too late.
“My debt problems started two years ago when I had several friends and family members who needed help,” she said. “It didn’t seem that bad at first — just a few charges here and there. I helped a family member get set up in a new house. Paid for a few small things that a couple of friends needed.”
Of course, as is often the case, the charges began to add up, and at the same time, (as is often the case) her friends and family began to forget about repaying.
“You feel bad making someone write out an IOU, so we always agreed verbally that they would pay back what they could, when they could.” described Margaret. “A few people gave me a few bucks here and there, but it was never what we agreed upon.”
When she finally took stock of her situation, Margaret realized she had accumulated $8,000 in credit card debt spread across more than eight cards. “I was making payments, but then the interest rates on a few of my cards shot up, and it became a real problem.”
Though she attempted to negotiate with her creditors, Margaret found them to be completely unresponsive. “I tried to make a deal with them, but they wouldn’t work with me,” she said. “It just fell on deaf ears.”
At the end of her wits — and her patience — Margaret knew she needed help. “I felt embarrassed and even maybe a little ashamed — I’m not one to ask for help. But I tried to figure a way out on my own, and I couldn’t.” So she turned to Consolidated Credit, a nonprofit credit counseling agency.
Read the Full Article