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Financial Distress
& Debt Management


Short on cash, late payments, increasing debt?


Check out the blinking red lights in the below video

that indicate financial trouble.

 
 

Okay, does any of this sound familiar? 

If so, as we said, don't rush into any actions. Let's plan this out.


Let's first explore some of the most common financial stress situations, and how to get back on top.

 

First, credit card debt.

Carrying balances on your credit card, can easily sink you into serious debt. Especially when you're struggling to pay the bills. Maxing out credit cards, is probably the worst thing to do.

This video will show you how to consolidate your credit card debt. Probably good info to have, whether you're about to max out a card, or are up into your neck into minimum payments on a bunch of cards. 

 

There's no quick fix!

Money problems are almost never resolved quickly. Payday loans and check cashing services are never the best solution, in FoolProof’s opinion. 


Neither are "quick loans", aka "high interest rate loans". Even though it sounds like they may get you out of trouble quick, they usually only make your situation worse. 

 

Please answer
this question seriously:


After hearing all this, do you have money problems?


First, the good news: 

Admitting that you worry about debt is a first step in fixing it!

Here's why: 

You've probably learned from experience that debt is not "good."

Debt may be necessary in very limited circumstances (like when you are buying a home, or really need a car). But unsecured debt (such as a credit card or a personal loan) is not good.

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Fixing your debt

I'm sure the previous videos already gave you some good pointers. Am I right?
Well, here are some more tips to rid yourself from that awful debt:

Online Class

List all your debt
(and the amounts). 

Compile it in one clear, short page. Looking at your debt numbers is a great way to give yourself a look at the big picture, and may literally scare you into stopping (more/other) impulse charges.

Put away your
(credit) cards.

Do not use them for everyday purchases or impulse buys, even if you have to borrow money from your piggy bank to eat. Instead, try using them occasionally, charging amounts that you know you can pay off every month.

Young Female Student
Accountant at Work

If possible,
refinance or consolidate

This week, see if it is possible for you to refinance or consolidate your credit card debt at a cheaper interest rate. Refinancing credit card debt for some of us is a definite way to cut debt. (Note: Follow the tips in the above video).

This month, look at your recurring bills.

Can you cut any? Can you cut back your phone and web services? Stop heating or cooling your home when you're not home? Eat out less? Look at every bill closely, learn from it, and be creative.

Writing Notes
 

TALK WITH A SCHOOL COUNSELOR, OR A CREDIT UNION'S CREDIT COUNSELING SERVICE.

Do not hide from your debt, ever. It will make it more expensive!


A good credit union usually is the best and cheapest way for a consumer to refinance and reduce debt.

 

Before you jump into any (paid) financial advice...

But before you jump to any rush decisions, get your plan together.

Every situation is different, so does it make sense to get a financial advisor?

 

This week, you can begin taking control of your debt
and reduce worry as you take control.

 

FoolProof is here to help, always.

If you're struggling with your money problems, don't go it alone. We're here to help.

Contact us via the details below, or check out our galore of (financial) resources on your regular consumer website.

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That's it for this part.
What's next for you?

Pick another topic:

If you had other educational suggestions after the survey, you can close this window and select a next topic.

If not, there are 5 more educational topics to pick from, if you like. Hit the "back to top" button below and select the next module.

 

More about FoolProofMe.org

 

Smart Financial Decisions

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Our mission is to teach consumers the importance of using caution, questioning sellers, and relying on independent research before spending money.

We have a wealth of financial resources available to you, 

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