I Need Financial Help & My Credit Is Shot
Financial hardship because of too much spending, losing a job or any other cause leads to an array of problems. Financial difficulties can be a never-ending source of stress, can break up families and lead to health problems. Though it can be hard to accept the situation and seek help, do not discount getting professional advice to aid you with your financial hardships.
Other People Are Reading
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Scams
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When you're in financial distress and have bad credit, you may come across ads or commercials touting "credit repair," help with eliminating your bad credit, low-cost loans or other help. These adds often sound too good to be true because they usually are. The Federal Trade Commission states that these offers are often the signs of a scam, with the advertisers seeking merely to capitalize on your distress. If you need financial help, you're better looking elsewhere.
Credit Counseling
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The Federal Trade Commission recommends that people in financial stress who have bad credit seek advice from a credit or financial counseling service. You can often find nonprofit financial counseling services through organizations such as universities, credit unions, military bases and other public or governmental institutions. However, these credit counselors are not necessarily free and may charge you for their services.
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Self-Help
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Whether you're able to find a credit counselor to assist you, you can still begin fixing your own financial problems by using a few simple steps. Check your credit report (see Resources). All people have the right to view a free copy of their credit report every year, and you need to know what is in your credit report to get a better idea of your situation.
Self-Repair
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While there's nothing you can do to change the past, you can take steps to start improving your credit and finances today. Start by taking account of your financial situation by writing down your obligations and your income. Once you know what you have and what you owe, only then can you tailor a financial plan that meets your needs. In some situations, you may need to consider more drastic steps, such as declaring bankruptcy.
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References
Resources
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