That Makes Cents: Debt advice

Gerri Detweiler, Credit.com
"While most people want to pay their bills, what they find is when their interest rates skyrocket or their minimum payments double, they just can't do it."

Experts say get help as soon as your bills become unmanageable.

Gerri Detweiler, Credit.com
"I would be on the phone immediately, or online, seeking out help from a reputable credit counseling agency."

Look to lower payments on unsecured debt like credit card or medical bills.

Gerri Detweiler, Credit.com
"Debts where there's no collateral can be negotiated."

If the case is really extreme, you may need to use a debt settlement program, but be warned, it will be a black mark on your credit rating.

Gerri Detweiler, Credit.com
"A lot of creditors are accepting settlements for less than the full balance on their debts."

Before choosing a credit counseling agency, always research the company and ask lots of questions.

Gerri Detweiler, Credit.com
"You want to work with someone who's going to charge most of the fees based on the success they have settling your debts."

Now that makes cents.

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