What should you do when you experience a financial hardship?
The most important thing to do is communicate. Have you ever ignored a call about a past due bill? Don’t wait for creditors to call. Be proactive and take the time to contact your creditors and explain your situation. If your creditor is knowledgeable of what is going on they are prepared better to help you. Take the time to contact all of your payees in the beginning so there are more options available to assist you.
You also need to communicate with the stakeholders in your household. Let those in the household who make purchasing decisions know about the situation. Pretending that everything is fine means those in your family won’t know that they need to change their spending to not make the hardship worse.
GCEFCU is here to help out when an unexpected situation occurs that leaves you unable to pay your loans. Pick up the phone and call us and we will get through your financial hardship together. We will assist you in finding the option that is right for you and your situation.