Terry Savage, Financial Columnist
www.terrysavage.com
Terry's Tips:
1. Figure Out Your Finances (pile up those credit card bills and make a list. total up your monthly expenses, including paying at least the minimum on your bills, more if possible)
2. Get More Work -- (now, before there are a lot more people out of work, take a second job, or have your spouse or teens consider getting a job. Maybe not in your line of business, but maybe even as a waiter, waitress, sales clerk) And extra money will help you pay down your debt.
3. Pay Down Debt (if you double the min payment on your credit card, and keep making that same payment every month, and don't charge more, you'll be out of debt in less than 3 years.
4. Deal with Your Mortgage -- contact your lender or servicer if you even think you'll have problems. If you have an adjustable rate, quickly shop around for a fixed rate -- if the home is still worth at least the amount of your mortgage. If you have an FHA loan, and are not behind, call 800-CALL-FHA for a new program they have to refinance you out of an adjustable rate loan.
5. Stop Shopping! Start Saving! (Yes, I know this would guarantee a recession if everyone did it -- but Im talking to YOU. And you must stop shopping for anything but necessities, and start Saving cash for a rainy day, or a hurricane if that's what's upon us.
If you're in over your head, call Consumer Credit Counseling Services -- 800-388-2227