Page 59 - Book1E

CHAPTER 9
Is a Debt Management Program for You?
If you have difficulty organizing and sticking to a budget, have been unable to work out a satisfactory payment plan with your credi- tors, find that your bills keep increasing instead of decreasing, and you’re worried about losing your home or your car, Family Financial Education Foundation (FFEF) may have the help you need. Consumer credit counseling and a debt management program truly can help you regain the benefits of financial freedom by
teaching you effective money management skills.
For some, debt accumulates slowly over
many years of raising children and maintain-
ing a desired lifestyle. Many think they can
afford a $25 payment each month; the prob-
lem is, after rationalizing nine or ten of those $25 payments, they find themselves over their heads in debt. For others, unexpected emergen- cies such as medical costs, funeral expenses, downsizing, and job layoffs create large debts in a short amount of time. The emotional spending for a wedding, a dream vacation, graduation gifts, or outfitting a new home can tip the scales too far for others.
If you are current with your monthly payments, able to pay your bills and living expenses, and want to keep your credit report untouched, a debt management plan is not for you. But if you have accumulated debt that you are no longer able to repay with monthly payments, a
Debts do not dissolve themselves.
—Richard L. Evans
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