Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free

When to seek credit help

Debt, which can include credit card balances, lines of home equity and student loans, has been identified as one of the main reasons why many Americans are unable to save. Ohio residents should know the five signs that indicate an individual needs a credit counselor.

Individuals who spend more than they make to tackle their debt should seek advice on how to better handle their finances. An unanticipated financial emergency can place one's personal finances in an unsustainable situation.

Consistently making late payments is also another significant clue. Not only can it negatively affect credit ratings, being late on a payment for more than 60 days can reduce the possibility that the credit card debt will be paid back. Credit card issuers can assess $27 for the first payment that is late and then $37 for any additional late payments that occur within six months of the first late payment.

Apprehension about contact with debt collectors is another sign an individual should seek credit counseling. The anxiety about being called and mailed notices by debt collectors can adversely affect one's peace of mind.

An individual's inability to contribute to his or her retirement account is also an indication that financial counseling is needed. Allocating a few hundred dollars each month for 35 years in a retirement account with a favorable rate of annual return can result in a sizable nest egg for retirement.

Every individual should know where his or her money is going. The lack of a budget will not aid in paying down debt and is a strong clue that credit counseling is needed.

Being overwhelmed with financial debt can take a toll on an individual's finances. If someone is contemplating bankruptcy, he or she should consider contacting an attorney.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions