Get Help Managing Debt

Don’t give up hope If you have problems with debt. There are ways to get out of debt and repair your credit. Remain positive and take action to call your creditors to discuss your options (ideally, call them before you miss a payment). Quite often, you can work out favorable repayment terms with your creditors. Be sure to get any agreement in writing.

• You can ask your creditors to:
  • Divide payments into smaller amounts
  • Forgive some of your debt
  • Suspend payments
  • Lower payments
  • Waive late fees
• Go to a nonprofit credit counseling service such as the National Foundation for Credit Counseling (NFCC) or Financial Counseling Association of America to put you on a budget and help you negotiate with lenders. 
• Be wary of credit repair companies that offer to fix your credit history for a fee. Only you can repair your bad credit by repaying your debts and paying your current bills on time.