Student loan debt has surpassed credit card debt and is now ranked #2 in terms of debts that Americans are holding, second only to mortgage debt.
Are your accounts being turned over to debt collectors?Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. Your financial situation doesn’t have to go from bad to worse.Bankruptcy information stays on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job.As federal courts have exclusive jurisdiction over bankruptcy laws, cases must be filed in federal bankruptcy court.You can find free or low-cost credit counseling options at: Under the provisions of the Servicemembers Civil Relief Act (SCRA), you may qualify for a reduced interest rate on mortgage payments or credit card debt, protection from eviction, or a delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings.
To find out if you qualify, contact your local Armed Forces Legal Assistance office.
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Next, list the expenses that vary — like groceries, entertainment, and clothing.
Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest.
Computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.