A lot of Arizonans are in the same boat these days; a bad economy and a bad job market have caused hard times and put a lot of people behind on their bills. Waiting for the bill collectors to start calling can be a nerve-wracking experience, and dealing with the calls once they do come adds a lot of stress to an already stressful situation.
Understanding what is going on behind the scenes can give you the facts you need to make a clear decision about your future once financial troubles begin. In this series we will look at the life cycle of a bad debt to give you some insight into what to expect next and how to deal with it.
How it all begins – the first 30 days
This one is simple enough. You don’t pay your bill on time. Whether it just slipped your mind or you came up short that month, the net effect is the same. Don’t panic. You still have some time to keep things from getting out of control.
Depending on what type of bill it is, you will probably not get a call from the creditor until the bill is at least thirty days late. At thirty days the creditor will report the late payment to the credit reporting agencies and your credit score will take a hit.
The best thing you can do during the first thirty days is contact the creditor directly and let them know you are having a problem paying your bills this month. If your cash crunch is only temporary, let them know that. Then ask them to help you keep your account current while you get back on track. Many creditors these days are willing to help you stay out of deeper financial trouble, but you have to reach out to them first.
At The Pew Law Center, PLLC, we believe that your life shouldn’t be defined by debt. We have helped hundreds of people just like you find the relief they deserve from harassing bill collectors, paycheck garnishment, foreclosures proceedings, and – most importantly – the constant worry about money and what to do about your debts.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.