Decreasing your increasing debt
CREATED Jan. 29, 2013
In this tough economy, more and more people are suffering from increasing debt.
So we want to make sure you know what to do, to avoid bankrupty and calls from collectors.
1. Contact your creditors. Rather than avoiding their calls, discuss the possibility of modifications to your credit cards or loans. 2. Consider credit counseling. A reputable nonprofit credit counseling agency can help you improve your financial situation.
3. Downsize. In other words, you must live beneath your means. 4. Build an emergency fund. If you stash away money in a rainy day fund, you'll be much less likely to consider bankruptcy.