Are you drowning in debt? Can you no longer make your payments? Are you sick of the creditor calls? It’s time to start living again!
The Durham Regional Financial Center, with over 25 years experience of cultivating economic independence, offers these 4 things you need to know when you are drowning in debt…
- You WILL get through this… It can be overwhelming when you do not see the light at the end of the tunnel but, always remember, you have options… Open your mail and open the dialogue between yourself and the lender. If they think you are being difficult they are less likely to help you. Account reps are human, they have been sick, and they can be single parents that can relate to your situation, so always be kind and humble and you may get the time you need to recover. You can catch more bees with honey…
- Prioritize your most important bills… You have to have a place to live, and more than likely a vehicle to drive, so from that point on you allocate money, after utilities, for credit cards or secondary loans. Pay the oldest open accounts so you receive the highest points on your score.
- Do not let the Repo man take your vehicle without understanding this… The next loan may require more money down than what you owe to bring your account current. Lenders that offer money to you after a recent repossession require a much larger down payment because of the risk, so add up the Pros and Cons before they take your ride.
- If money is beyond tight DO NOT pay some to each lender. EX: You have 5 credit cards and they each have a balance of $500 with a payment of $50 per card. Most people would automatically pay a little on each card if you only had $150 to spare, but you are harming your score. The best solution is to pay the 3 oldest on time and the 2 newest get zero. The longer something is open, the better it scores when it is paid on time.
LEARN MORE…Every Monday night is MONEY MONDAYS at 6:30 pm and it is hosted by Cousin Kera at the Durham Regional Financial Center located at 2634 Durham Chapel Hill Blvd, Suite 214, Durham NC 27707. If you want a higher credit score, help saving your home or buying a home, you need to be there. Cousin Kera has 23 years of experience on how to get you approved, so don’t miss out on this FREE knowledge.
REGISTER at www.drfcenter.org or call 919-ASK-KERA (919-275-5372) for more information.
About Durham Regional Financial Center
The Durham Regional Financial Center is a non-profit organization whose mission is to help cultivate social impact through financial resilience and financial security for individuals, families, and communities. Celebrating 25 years of cultivating economic independence, since 1990 we have fulfilled our mission by helping individuals, families, and communities manage their money and credit more effectively through our Financial Education and Counseling Programs. In 1994, we added Homeownership Education and Counseling to our menu of program services.
DRFC is a member of the National Community Reinvestment Corporation, and is a HUD-approved certified counseling agency. We have consistently achieved an A+ rating with the Better Business Bureau. . Our service area includes the City of Durham, Durham County; and Alamance, Person, Chatham, Orange, Granville, Franklin, and Wake Counties.