Seven Steps To Take When Late Paying Bills

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Forbes suggests Seven Steps To Take If You’re Late Paying Bills. As they suggest, acting now may help you down the road.

It’s a situation all too familiar to millions of Americans these days. After years of hard work, a sudden job loss, pay cut, furlough or simple over-reliance on debt has left too little cash on hand to pay the monthly bills. More than 13 million people are currently in hock to collections agencies or are seriously considering bankruptcy, according to a recent report by the National Foundation for Credit Counseling.

If you find yourself falling behind on your bills, there are several steps you can take to help reduce the amount of money you owe and help preserve the assets you still have. The seven steps are not rocket science, but one or more are often forgotten. Here are what is suggested:

1. Know where you stand.
2. Negotiate with creditors.
3. Know who you’re talking with.
4. Only do deals you can live with.
5. Make sure your information is accurate.
6. Know your rights.
7. Avoid desperate measures.

For unbiased advice, turn to an organization like the National Foundation for Credit Counseling, which offers free advice from trained credit counselors.