If you find yourself stressing over how to pay bills every month, you’re not alone. NerdWallet reports the average U.S. household has a credit card balance of $15,706. The good news? Help is available for individuals who are ready to say good-bye to debt. Here are resources to help you start your journey to a debt-free lifestyle.
Contact Your Creditors
Once you have determined you are unable to pay your bills, contacting creditors to explain your situation can help. Some creditors may be willing to work with you on repayment terms based on your situation. The Federal Trade Commission is a good resource for information on how to eliminate debt on your own.
Financial Counseling Organizations
Trying to tackle a mountain of debt on your own can be confusing and intimidating. That’s why many people turn to financial counseling organizations for help in eliminating overwhelming monthly bills. A financial counseling agency can offer resources you may not have access to on your own. The National Foundation for Credit Counseling offers advice on selecting the right financial counseling organization.
Contact Your Mortgage Lender
If you are unable to make mortgage payments, it is important to contact your mortgage lender as soon as possible. A loan professional will meet with you to discuss your options. If you have a Capitol Federal® home loan and would like to speak with one of our loan professionals, click here.
Declaring bankruptcy can carry serious consequences and have lasting effects on your credit. However, for some individuals it is the only option for eliminating debt. The Federal Trade Commission provides a summary of information you should know if you’re considering filing for bankruptcy.
What resources have helped you eliminate debt? Share them here!