It doesn’t matter which way the wind is blowing these days, it’s still cold. And we are going to have to deal with it. I know the calendar says fall, but the snow on the ground says otherwise.
While you are stuck inside because of the elements, put the time to good use and take a look at your finances. Maybe you have been in trouble for a while. And maybe you believe that things are going to get better, and, of course, they may. But what evidence do you have that you will be in a significantly better position say, in six months, than you are today? And if not, could you be doing more harm to your situation by waiting to take action?
There is no easy answer to this, but you have to consider your goals. Is your goal to get out of debt? Be able to live on your income? Clear your credit? Stop harassing phone calls? Make certain you don’t get sued by your creditors?
Though these seem to be different sides of the same coin, and what a funny coin that would look like, they can all have different options.
For example, if your goal is to clear your credit, but you have no money to pay for the debt you have out there, a bankruptcy might be the way to go. The bankruptcy ends these collection attempts, and you can start rebuilding your credit right away. In contrast, trying to wait your creditors out will bring constant entries onto your credit report that say you are paying slowly or not at all. So procrastination does not work here.
What if you wish to make certain that you are not sued by creditors to whom you owe money? Why not wait it out? Perhaps they won’t sue you and you’ll be in the clear. Can this work? Maybe, but don’t count on it. Many of our clients have tried this strategy and felt they were free of this problem after they didn’t hear from their creditors for a couple of years, sometimes three or more. And then they got sued. Not only did they have to deal with the lawsuit, often by filing for bankruptcy, but they also took a credit hit for another three years, years they could have been rebuilding their finances with their creditors behind them. So this is another situation where procrastination doesn’t help.
Before you settle on procrastination as your strategy, seek answers, and maybe from us. Because procrastination doesn’t take away the nagging reminder in your head that you haven’t dealt with your financial problems. Procrastination won’t keep you from that sickening feeling that you get when you get notice that the Sheriff’s Office wants to deliver something to you. Procrastination won’t end the phone calls, and won’t build up your credit to a reasonable score once again.
Remember, it’s free to give us a call, and usually free to meet with us also. I mean, we’d pay you to come see us but then we’d never be able to make a living. And don’t wait, call us or write to us now, while you are thinking of it. Don’t wait until it gets warm again.