When you file for bankruptcy, you risk losing possessions, friends are stuck paying back loans they co-signed for you, and maybe even your ability to get a job. In fact, a bankruptcy stain may stay on your credit report up to 10 years.
| Just because people have jobs doesn't mean they can't get themselves into a tight financial corner. According to an SMR Research Corp., Hackettstown, N.J., study of consumers undergoing credit counseling, while 10% of surveyed respondents had lost jobs, almost twice as many--19%--had experienced an income drop due to decreases in sales commissions, cuts in pay, and ending alimony payments. Other leading causes: medical debts, gambling debts, aggressive lawyers soliciting bankruptcy business, and debt burden due to credit cards and low mortgage down payments.
But just because people get into financial predicaments doesn't mean they can't get out. Averting financial calamity is a longstanding mission of Pacific Advantage Credit Union and the National Foundation for Consumer Credit (NFCC) in Silver Spring, Md. NFCC has nonprofit Consumer Credit Counseling Service (CCCS) affiliates around the country ready to help anyone get back on track from financial failure.
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The CCCS provides free or low-cost confidential consultations with professional budget counselors trained and certified by the NFCC. The service can arrange debt repayment plans between consumers and creditors and sometimes negotiate lower fees or reduced penalties on delinquent bills.
Pacific Advantage Credit Union can help you get in touch with the nearest CCCS office. Or you can call 800-388-2227 or visit the NFCC Web site at www.nfcc.org.
When you set up an appointment, you'll receive a work sheet requesting details of your income, expenses, and debt. A counselor will review the completed work sheet with you and, if applicable, your spouse to help you plan a course of action.
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The outcomes are good: Nearly two-thirds of all clients go home after that initial consultation and straighten out their own financial difficulty, or they enroll in a repayment plan and, after fulfilling their obligations, are able to re-establish credit.
If financial worries are causing sleepless nights, or you just need to get finances back on track, contact Pacific Advantage Credit Union. We'll help you get the help you need.
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