If a consumer is in financial hot water they should consider setting up a realistic budgeting, using debt relief services such as credit counseling or debt settlement from a reputable organization, debt consolidation, or bankruptcy. The best solution will depend on the consumer's level of debt, level of discipline, and their prospects for the future.
The first step is to control their financial situation and perform a realistic assessment of how much money one takes in and how much money they spend. The goal is to make sure they can make ends meet on the basics: housing, food, health care, insurance, and education along with reducing money spent on unimportant items and services. The extra money saved from unnecessary items and services can be used to lower debt. More information on developing a budget and reducing debt can be found at http://www.badcreditmd.com/
Consumers should then contact their creditors immediately if they are having trouble making ends meet. They need to tell them why it’s difficult for them, and try to work out a modified payment plan that reduces their payments to a more manageable level. They should not wait until their accounts have been turned over to a debt collector. At that point, their creditors have given up on them.
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Bad Credit MD has been in business helping consumers with bad credit since April of 2007 and is a subsidiary of Enticing Designs Publishing. The staff has various backgrounds in the financial and mortgage industry. This self-help site has over 500 pages of credit advice and articles. Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.