Turn your debt into $1,000,000!

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 Having trouble paying your bills? Getting threatening notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face financial crisis at some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or simple overspending, it can seem overwhelming. But often, it can be overcome.

The fact is that your financial situation doesn’t have to go from bad to worse.

1.  Develop a Budget

The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend.

Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums.

Next, list the expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest.

The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.

2.  Contact Your Creditors

Contact your creditors immediately if you’re having trouble making ends meet.

 Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level.

 Don’t wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.