Highlight text to annotate itX
Bellco Credit Union
Bank Smarter. Live Smarter.
Debt is a heavy burden to carry with you.
But we will show you how to classify, attack and get out from under the weight of debt.
First, you need an accurate accounting of where you stand.
That might mean taking a deep breath and opening those bills you’ve been avoiding.
Classify them into three piles.
Accounts in good standing. Maybe you’ve just been paying the minimum, but you’re current.
Past due but not with a collection agency.
We want to deal with these right away before they go to a collection agency and do damage to your credit score.
Finally, there is a third pile for those that have gone to collections.
After you make a list of all your debts, let’s focus first on the Past Due but not with collections pile.
Most creditors want you to pay your bills and are willing to work with you.
Go thru your past due bills and call your creditors.
You may find some are willing to settle for less or might move you to a payment plan.
If you are not successful, ask for a supervisor and remember, your tone and your attitude matter here.
People want to help you if you are nice on the phone.
Then, let’s look at your current accounts.
We recommend trying to whittle down your balances.
Start with the lowest balance, because it will make you feel better to make progress.
Then concentrate on paying more than the minimum on one bill at a time, starting with the highest interest rate.
Finally, for those that have moved into collections, you want to pay these down as soon as possible.
One final word about debt.
When you are under pressure, a credit counseling agency seems like a good idea.
There are lots of organizations offering help.
But please beware, there are no guarantees their services are free, affordable or even legitimate.
Handle it yourself or go with a reputable credit counseling agency.
It’s tough work, but it has to be done. Together, we can attack debt and get you back on the road.
Bellco Credit Union. Banking Smarter.
Bank smarter. Live Smarter.