Remember Me
forgot your password?

Warning Signs Of Credit Problems

Are you consistently charged late fees on all your bills? Is it hard to decide which bills to pay each month? Do you spend more than 20% of your net monthly income to pay for your credit cards? Have you ever borrowed money to make payments on existing loans? Are your credit cards maxed out most of the time? Do you have so many credit cards that you can only pay the monthly minimum? Have you ever put off something important, like going to the doctor, because you didn't have enough money?

If you answered yes to any of these questions, you're not alone. You probably have friends or family members who've been in some of these situations before. You might even know people who've struggled to stay afloat financially their whole lives.

It's easy to fall into the trap of financial instability. But, while it may seem difficult at first, it's not impossible to get yourself out of the trap. If you can recognize the warning signs of credit problems, you can do something about it.

Credit experts at ACCION recommend that you call your lenders and creditors when you recognize the warning. Let them know you're having financial difficulties. Work with your creditors to get on a payment plan. However, don't make promises with creditors that you can't keep. If you really can't afford to make a payment until next month, tell the truth. Don't be discouraged. It might take longer than you predicted for your financial crisis to go away. Be persistent with your creditors.

Establishing a good relationship will get you farther than running away from your obligations. This is very important - your future financial stability is at stake. Pay yourself first. As you start to pull yourself out of the financial crisis, remember to set aside money for savings. This will give you a cushion for financial crises in the future.

Go ahead, take action and breathe again knowing that you are on the road to financial health!

Your Money
Your Money & You Staff have written a series of finance related articles. For additional information on related topics, visit http://yourmoney.accion.org
Rate this Article: 0 / 5 stars - 0 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest Finance Articles
  • More from Your Money

Basic Things You Should Find In A Personal Financial Software

By: Jameson Meer | 14/11/2009
There are basic elements to a personal financial software to make it a truly helpful addition to your life.

Basic Things You Should Find In A Personal Financial Software

By: Jameson Meer | 14/11/2009
There are basic elements to a personal financial software to make it a truly helpful addition to your life.

Basic Things You Should Find In A Personal Financial Software

By: Jameson Meer | 14/11/2009
There are basic elements to a personal financial software to make it a truly helpful addition to your life.

Get Rid Of Accounting Paperwork With A Personal Financial Software

By: Jameson Meer | 14/11/2009
You can graduate from dealing with a load of paperwork with a handy personal financial software installed into your PDA.

Achieving Clear Financial Goals With A Personal Financial Software

By: Jameson Meer | 14/11/2009
You can achieve your financial goals with proper planning. This is where personal financial software comes handy.

Achieving Clear Financial Goals With A Personal Financial Software

By: Jameson Meer | 14/11/2009
You can achieve your financial goals with proper planning. This is where personal financial software comes handy.

Achieving Clear Financial Goals With A Personal Financial Software

By: Jameson Meer | 14/11/2009
You can achieve your financial goals with proper planning. This is where personal financial software comes handy.

Can We Count on Companies to Protect Our Credit Card Data?

By: Robert F. Brennan, Esq. | 14/11/2009
On August 17, 2009 federal prosecutors charged Albert Gonzalez of Miami Florida, a former federal government informant, for allegedly stealing 130 million credit and debit card accounts. This was one of the largest know identity theft cases in US history. Gonzalez, the ring leader of an international team of thieves,...

Different Types Of Loans And Loan Options

By: Your Money | 30/10/2007 | Finance
A loan is the redistribution of money between a lender and a borrower. As a borrower, you receive an amount of money from the lender, which you will have to pay back later. This service is provided at a cost, referred to as interest, or annual percentage rate (APR). Installment loans...

Keeping A Daily Spending Diary And Small Business Record Keeping

By: Your Money | 21/09/2007 | Finance
Have you ever taken $20 out of an ATM and wondered later where it went? Start keeping a daily spending diary to keep track of where your money goes. Try it out for one week and you'll be amazed at how much you can spend on the little things like...

Warning Signs Of Credit Problems

By: Your Money | 14/05/2007 | Finance
Are you consistently charged late fees on all your bills? Is it hard to decide which bills to pay each month? Do you spend more than 20% of your net monthly income to pay for your credit cards? Have you ever borrowed money to make payments on existing loans? Are...

Smart Small Business Tax Deductions

By: Your Money | 04/05/2007 | Management
If you think that increasing sales is the only way to make a business more profitable, think again! Decreasing what you spend is as essential as increasing the amount you sell. From an office chair to an office building, every purchase you make for your business may be tax deductible....

Simple Market Research

By: Your Money | 27/04/2007 | Finance
As an entrepreneur, you may know every detail about your small business, but can you say the same about your customers? In order to effectively market your products or services, you need to know who's purchasing them! Market research consists of gathering and analyzing data about your customers in order...

How To Handle Your Credit Cards

By: Your Money | 26/04/2007 | Finance
Credit cards have a bad reputation-many consumers dislike using them because they don't like the concept of borrowing money, or have fallen into debt in the past. However, the responsible use of credit cards can help you build healthy credit by establishing and maintaining an active credit history on your...

Insurance Basics For Small Businesses

By: Your Money | 26/04/2007 | Finance
Not having insurance is risky business. It's an expense that many business owners deem unnecessary, but adequate insurance coverage in times of loss is invaluable. As a small business owner, only you can decide what type of insurance coverage is best for your business. Take stock of the physical and...

Submit Your Articles Free: Signup
Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.32, 6, w1)