Timothy E. Lockhart - YOU HAVE OPTIONS: YOUR GUIDE TO AVOIDING FORECLOSURE

making your credit payments on time, you can set up payment reminders on the online customer portals of some banks. They’ll email you or text you with a reminder that a payment is due. • Sign up for automatic withdrawals: Many lenders and large companies offer automatic withdrawal services and take their monthly payment from the bank account you specify. This is a convenient way to pay bills, as long as you maintain sufficient funds in your account each month to handle the debits. If you use automatic withdrawal to pay your credit card account, remember that you will be paying only the minimum monthly payment. This will result in your paying more in interest than you would if you paid your full balance at the end of each month. • Pay bills on time: Even payments only a few days late can hurt you. Bills that go to collection agencies are a serious detriment. • Communicate with creditors: If you experience financial problems, contact your creditors. They may be willing to work with you to resolve some issues. • Seek out a reputable counselor: Working with a reputable credit counseling service will not hurt your credit score. Beware, though, of fly-by-night individuals who want to take your money in exchange for outrageous promises.

POINTS TO REMEMB O REMEMBER:

• There are various organizations that provide credit ratings. An estimated 90% of lenders refer to the FICO credit score when deciding whether to approve you for a

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