Everyone goes through tough times. For some people, the tough times seem endless. Late notices, missed payments, collection calls, all reminders of just how difficult things actually are. For many people, this constant bombardment of debt makes them want to hide, not answer the phone or even open their mail. Even though you may feel completely powerless and out of control, don’t underestimate the power of a friendly phone call.
As much as it feels like it, your bank is not out to get you. They may be willing to help and work with you to avoid accruing fees and penalties. Reaching out to them may also help your case. If they know you are struggling, they may offer information and resources to you that you were not aware of. Depending on where your car loan and mortgage are serviced, speaking with your bank may help ease your mind about those things too. If you stay informed and connected to your financial institution during this period, it’s possible you may have an even better relationship with them when the tough times are over.
Being in debt is scary, but being alone and in debt is even more so. Reaching out for help may be in your best interest. If the weight of the situation is too great, you might benefit from talking to an attorney. With their help, you can decide on a path to financial freedom. Whether through debt consolidation or bankruptcy, it is possible to get back on track. There are always options available to help you get in control and stay top of your finances.