Having money problems? More debt isn't the answer!
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If you're having trouble paying your bills and making your loan payments, you might be tempted to try to catch up by borrowing more. DON'T! Even though ads and salesmen say that a new loan can be your ticket to financial health, bigger debt just means putting off the day of reckoning. Before long, you'll be falling behind again, but this time catching up will be even harder because your debt will be even bigger.
Instead of borrowing more, focus on trying to reduce your current debt:
- Cut up your credit cards and pay down your existing balances as quickly as you can.
- Look for ways to cut back on your expenses - for example, things like cable TV, long-distance and cell phone charges and online charges are all good targets for cutting spending.
- Put off non-essential spending until your financial situation improves - before you buy, ask yourself, is this something I need or just something I want.
- Cutting your debt today will mean more money in your budget tomorrow to spend or to save. To get help tackling your debt and budgeting your spending, contact a credit counseling service in your area.
Return to Getting Help
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BorrowSmart Public Education Foundation provides the knowledge, skills and tools home equity borrowers need to gain financial literacy and "borrow smart."
Established in 2001, BorrowSmart and its partners empower consumer equity borrowers through lenders, credit counselors, regulators and direct contact by providing free information and education that leads to open access to available credit for all homeowners.
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BorrowSmart Public Education Foundation will grow to a national presence and be recognized throughout the housing and financial communities for its educational programs and services to reduce the national foreclosure rate among home equity borrowers. BorrowSmart programs will create smarter home equity borrowers and more home ownership retention across America.
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