Your take on the market.

Are you one of the many people who currently is in a less than perfect financial situation here in America? Is your mortgage payment or rental payment too high, the cash flow too low, and the debt load out of sight? Are you currently wondering where to get your next payment for one or more bills? If you are one of these people, then you are looking for some concrete answers and hopefully some viable solutions to help you to remedy the situation.
If you have a mortgage that you are having difficulty paying, did you try to contact your lender? Most of the banks, and lending establishments are not excited to sell your house for you (foreclosure). They would much prefer if you contact them (talk to someone in a position of authority), and tell them of your situation before you come to a worse situation. If your rental payment is too high, then again, you need to talk to your landlord before you are late consistently and together you can probably come up with a good solution for both you and the landlord. Keep in mind, that your landlord or the rental agent (if he/she is ethical) is really expecting to hear from you if you have a hardship. He/She is also not very excited about hearing from you after you have been late for many months. Many times, they will work with you, and come up with some solution for you, especially if you come into their office with someone with good credit, job stability, and rental verifications, to take over your lease. If these options do not work, then keep in mind that when you first rented/bought your home, you signed a contract. Whether it was a lease, or your mortgage and note, you are still legally bound by the terms of the contract that you originally signed. Every time that you sign any document, you are acknowledging that you are committed to honor your part of the deal. If it is a lease, then you can wait out the time period of the lease (if you are not allowed to sublease), or you can move into another house now, and still pay for the remainder of the lease on the first one. If you cannot afford your rental payment now, this option would not be a wise financial decision. Another option for you would be to advertise for a roommate. This could also be a viable solution for homeowners as well. Homeowners are not bound by the rules made by landlords. They have the freedom to sell the house, rent it out and move, refinance, get a roommate, and many other options depending on the type of home that they own.
Now, what are the options for your consumer debt? You can always just not pay it. But this does not solve the problem. The goal is really to keep your credit clean so that you have more options open to you. Further more, by your signature, you are committed to paying for that debt. If you do not have lates on your credit report, you will have many more loans available to you to refinance your consumer debt. Refinancing your consumer debt, and not re-incurring it would be a wonderful way for you to free yourself from the high interest consumer debt that you now have. If you are past that option, then consider the credit repair programs that are out there. The key is to find a reputable credit repair program. There are some good programs out there, and if you contact your lender, chances are, they will know of a company that is reputable, ethical, and honest.
If you have a situation that you want to talk about on this blog, then send me a comment. I will look at it and respond. Hopefully, together, we can weather this storm, and come out of it unscathed financially.