Don't face tough financial challenges alone

If rising debt is causing you stress, you’re not alone. Millions of Americans suffer anxiety or depression because of difficulty meeting their financial obligations.

Just to make the point, California currently tops the national charts in terms of financial impact from the housing market downturn. December was the slowest month for California home sales since DataQuick started tracking it in 1988.* Foreclosure activity is at record levels. In addition, California and New York have the most expensive auto fuel in the country. Food prices are up. Utilities are up. It’s a very challenging time.

Whatever the cause of your debt—salary reduction; emergency expenses, such as medical
bills; complications from our rapidly shifting market conditions; or plain, old-fashioned overspending—the actions you take right now will make the difference.

Fight inertia

Doing nothing at times like these gets you nowhere. If you’re already burdened with debt and continue receiving mail offers for credit cards, enticing sales and seasonal promotions just shred them.

Talk about it

Stressing about money can make you feel alone, confused and perhaps even hopeless.
The truth is, the moment you begin sharing your story, you’ll notice you’re not alone and the discussion itself can actually make you feel a lot better. Discussion can help put your concerns
in perspective. Focus on what’s working in your life right now, such as your health and the love and support of friends and family. It may be difficult, but you need to become positive to make necessary changes.

Confront the problem

Rather than avoiding bill collectors, take control by answering the calls. Be calm. Be rational. Write your creditors to explain your situation, including what led to the problems (even if the reasons all lead back to you) and how you plan to fix them. Become familiar with the Fair Debt Collections Practices Act, a law that protects your rights as a consumer. If you believe some aspect of your household spending is compulsive, consider taking your concerns to a professional.

Prioritize your spending

To make it through these tough times, you must be reasonable about what you can do without to relieve some of the pressure. Track and review your spending. Eliminate purchases that aren’t essential. Then, prioritize the essentials, such as food, housing, utilities, children’s needs,
transportation and your debts, followed by everything else—or nothing else.

Your credit union membership can help

As a benefit of membership in Travis Credit Union, you may take advantage of FREE financial assistance through our partnership with the BALANCE Financial Fitness Program. Your situation will remain completely confidential; Travis Credit Union won’t know anything about your discussions or plans. All you need to do is call BALANCE toll-free at (888) 456-2227. Their
bi-lingual, financial professionals can provide money management counseling, help you develop a household debt management plan, and teach you how to work with the credit bureaus to understand your credit report so you can correct wrong information, and—over time—improve your credit score.

Let us know if you need our help

If you know you’re falling behind on your credit union loan(s), please call us. We’re committed
to helping members get through tough financial times. Different loans allow different accommodations. We’ll do our best to work with you so that you can manage the
challenge and regain control of your financial obligations.

*DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. The numbers cover sales new and resale, houses and condos.

©2005 BALANCE