Reduced income from job loss is challenging when you have loan payments due. You might try using a software program, PowerPay, created by Cooperative Extension professionals at Utah State University to help individuals decide how to best handle loan payments. PowerPay is a computer program that shows the impact of making "power payments" on consumer debts. In just a few minutes, a consumer can compare several ways of trimming credit costs. The program is available at https://powerpay.org/
PowerPay calculates the repayment time and interest costs if payments are made at current levels. PowerPay can help you explore possible savings from consolidating some or all your debts.
Credit counseling services also suggest a number of steps people can take right away to deal with debt:
? Contact your creditors with a revised payment proposal.
? Take the offensive. Call your lenders before they call you.
? When you call a creditor, have the following information ready:
? account number,
? reasons why you would like to renegotiate your payment, and
? how much you propose to pay until you get back on your feet.
? Keep the lines of communication with your creditors open. A creditor may not believe you need to renegotiate your payments until you are forced to make a reduced or late payment.
? Keep a record of all of your calls and correspondence with your creditors so that you can keep track of what you and your creditors have agreed to.
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