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also avoid a repossession showing up on your credit report. If you decide to do this, be aware that you will be held responsible for any deficient loan balance.
2. If you are late on your mortgage pay-
ments, you should contact the lend-
er right away. Otherwise, you may
receive a foreclosure notice, that can
arrive without warning. Most lenders
will be willing to work with you if they
believe you are sincere in your efforts and that you can bring the payments current again within a reasonable amount of time.
3. The best way to avoid bankruptcy is to enroll in a debt manage- ment plan. Many people declare bankruptcy for less than $20,000 in debt. It is not worth damaging your credit history so extensively for a sum of money for which repayment is possible.
Talk to your FFEF credit counselors. They have heard every situation possible so don’t be embarrassed to call. Their goal is to help you elimi- nate your debt and start enjoying life again.
LET’S REVIEW ________________________________
Why You Do What You Do
Our financial habits often begin early in our lives. It is hard to change these habits if we don’t know what they are. Answer the following questions to help you understand what your financial habits are and where they might come from.
1. Are you doing what you hoped to in life?
2. What influences your major financial decisions?
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The Emotional Price of Debt
Getting into debt, is getting into a tanglesome net.
—Benjamin Franklin
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