Funding Your Future: What to do if you are falling behind on your debt obligations

Rachel Langlois a financial expert with Cyprus Credit Union shares some advice on what to do if you are falling behind on your debt obligations.  First, be proactive, talk to your creditors and let them know your situations and see what options are out there before you start making late payments. Many times you can skip a payment twice a year but first, you need to ask before making a skipped payment. Next, you can ask for a hardship deferment for unexpected financial situations. Also, you can look at refinancing your loan for a reduced payment but only if you have paid on-time for the last year.  She says if you wait for your payment to be 30 days past due many times you lose flexibility. You usually need to make a payment to get inside a ten day grace period. For more information go to CyprusCU.com