Articles - Archived Expert Advice

Dealing with Debt Obligations

I'm a divorced father of three working both a full- and part-time job to make ends meet. Unfortunately, I've fallen behind on a few of my debt obligations. What can I do to help get back on track?

You are not alone. The economic downturn of the late 2000s placed financial hardships on many of our members, and concerns over mounting debt is one of things we're hearing about the most. When life comes at us a little faster than we've planned, things often spin out of control. Divorce, job loss, a cut in hours, the death of a loved one, a medical emergency or a financial crises may all lead to an imbalance in finances. The good news is your Credit Union is here to help!

Before you call one of our financial planners for a complimentary and confidential conversation about your finances, go ahead and list out monthly living expenses, such as food, utility bills, gas, dependent care, dining out, etc. Then, list household debts and their associated interest rates, balances owed and monthly payments.

Plan to share any past due amounts, as well. You'll also want to have a copy of your most recent paystub handy, along with a detailed list of your assets. This will help to determine your net worth, as well as to accurately assess your current situation.

LGFCU knows times are tough and bad things can happen to good people. This is why knowing who to call for help is as important as knowing when you need help! Trust your Credit Union to help you get back on track. Call 877.367.5428 (toll free) today to get the conversation started. We also welcome your emails at financialplanner@lgfcu.org.