Many of us have experienced stressful life-changing events, such as job loss, divorce, serious medical concerns, failure of a small business, or death of a spouse. Any one of these events can stretch a budget to its breaking point, overwhelming one with debt.
Does this describe you, or someone you know? If so, you do have options, but do not wait—the bills are not going to magically disappear.
First, try to speak with your creditors. If they are inflexible about reducing interest rates or monthly payments, credit counseling may help. Experienced counselors can contact your creditors and try to negotiate improved terms that will enable you to pay off your debts, while still making an allowance for groceries and other essentials.