Dealing with Excessive Debt

Being in debt is not unusual. Unfortunately, it's very easy to get too deeply in debt.

How can you tell if you are in trouble? Ask yourself these questions. Are you borrowing from one credit card to pay another? Are you over the limit on one or more credit cards? Are your creditors calling you demanding payments?

If so, you may be in over your head. There are some steps you can take to get some relief.

First, stop using credit. You shouldn't incur any additional debt.

Make a list of all your debts. Determine who and how much you owe and the scheduled monthly payment.

Review your monthly budget. Where can you cut back? Look at your income sources. Is there any way to earn some extra money to put towards debt payments?

Contact your creditors to see if they might be willing to work out payment arrangements. The worst thing you can do is avoid their phone calls.

Set up a plan for paying each of your creditors. Be honest about what you can afford to pay and keep your promises. Try to get any payment arrangements in writing.

Get professional assistance if needed. Contact Momentive™ Consumer Credit Counseling Service®. Call 1-888-711-7227.

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