Picture this: You owe a ton of money on your credit cards. You’re at risk for falling behind on your house and car payments, even though you’re up-to-date currently.
You make your payments, but your bills look pretty much the same month after month. It seems like most of your payments are going to interest. You don’t see a way out.
It’s been less than a week since Pennsylvania Gov. Tom Wolf ordered all bars and restaurants to provide take-out service only due to the Corona virus crisis. It’s been less than 24 hours since the governor ordered all non-life-sustaining businesses to close their physical locations. It’s been less than three full days that I have been working from home and it already feels like the calls and emails from people being impacted by these shutdowns are non-stop.
Imagine coming home after a long day at work, only to find your house padlocked and all of your belongings thrown to the curb.
The scenario may sound unrealistic for most of us, but for a number of homeowners who are behind on their mortgage payments, it’s an everyday reality.
Nobody wants to file for bankruptcy.
It is all too common for people to delay reaching out for help. But more often than not, waiting can be a big mistake.
People don’t take credit card debt seriously enough. They don’t think the credit card companies can do much to collect money other than calling and sending letters. Some people find out the hard way just how far the bill collectors can go.