For homeowners having trouble paying their mortgage, the American Bankers Association strongly recommends they consult www.hopenow.com or call 1-888-995-HOPE. HOPE NOW is a cooperative effort between counselors, investors, and lenders to help homeowners in distress.
For others who are having trouble paying down debts, ABA advises taking action -- sooner rather than later -- to solve debt problems with the following tips:
- Talk with creditors – the sooner you talk to them, the more options you have;
- Don’t charge more purchases until your problems are solved;
- Avoid bankruptcy – it’s a short-term solution with long-term consequences; and
- Contact Consumer Credit Counseling Services at 1-800-388-2227.
For more information on budgeting, saving and managing credit, visit the ABA Education Foundation’s Consumer Connection web page at www.aba.com.