Adjusting to a disability is stressful enough without having to worry about how you’re going to pay your bills. Here, you’ll find options to bridge the financial gap.
Lines of Credit Programs
A lesser utilized avenue for finding money to pay for expenses is a personal line of credit. Personal lines of credit are a lot like credit cards. They are only approved for a certain amount of money and interest is only charged on the amount you use. Lines of credit are more accessible for consumers with an established and favorable credit history. Applying for a line of credit is typically done at your banking institution or community credit union.
Personal Loans
Personal loans are for a specific amount of money, and are typically offered by a banking institution or credit union. The full amount of money can be used at any time, however, interest begins to accrue when the loan is taken out. This makes personal loans a convenient option for expenses that may come up with otherwise unpredictable income.
Looking to your bank or credit union is usually the first step in securing a personal loan. Lending Tree is also a great online resource to compare lenders and get the best loan terms and interest rates.
Free Credit Report Access
There are multiple benefits to being up to date on the health of your credit. Your ability to buy a home or car, take out a credit card, or even land the job you want can all be affected by your credit score. Having access to your credit report is also an important tool to keep an eye on the security of your identity. Every 12 months you are entitled to receive a free credit report from each of the top 3 credit reporting agencies in the United States. These can easily be accessed through Annual Credit Report‘s secure website.
A convenient and easy way to keep on top of monitoring your credit is the free site Credit Karma. By using Transunion and Equifax, Credit Karma helps you stay up to date on your financial health by giving you a report every 7 days. Credit Karma also offers an app for your smartphone, so you can keep track from wherever you are.
Another excellent free website to keep track of your credit score is Mint. Here, you can also create a budget by linking your bank account, credit cards and monthly subscriptions. Mint also offers insights to help you understand and boost your credit score. You can also look for Mint’s mobile app in your smartphone device’s app store.
Credit Card Debt Settlement
Having credit card debt can be an added stressor on top of medical bills accrued from the costs of having a disability. The Federal Trade Commission’s website has a wealth of information on debt settlement companies as well as ways to negotiate with credit card companies. The FTC site also provides insights into credit counseling and the option of bankruptcy.
Non-profit Credit Counseling
The National Foundation for Credit Counseling (NFCC) is a nationwide network of not-for-profit credit counselors. They work to help you evaluate your credit situation, establish a budget and build a financial action plan.
Credit Repair and Legal Help
When errors show up on your credit that don’t budge with self advocacy, contacting a lawyer that specializes in credit issues can be another option to getting your finances back on track. Hiring a lawyer well versed in credit law can help you decide what steps to take from a legal standpoint. Lawyers often run anywhere from $500 to $5000 depending on the status of your credit, so finding one that offers free consultation like Lexington Law is a good place to start to make sure you want to make the investment in legal representation.
Consumer Advocacy Groups
There are unfortunately businesses out there that seek to take advantage of consumers in their time of need, but there are ways to fight back. If you or a loved one find yourself being victimized by fraudulent, abusive or predatory business practices there are advocacy groups available to protect and assist. Examples include, but are not limited to, bad debt collection practices, predatory lending (payday loans) and identity theft.
Consumer Advocates is a nationwide organization of attorneys working for the just and ethical representation of consumers. This website can give you information on your rights, and also help you to find a lawyer in your area.
