When to Reach Out For Financial Help

If you’ve been following SeedTime for any length of time you know that we are huge advocates of paying down your debt the old fashioned way, and we believe that as hard as it is, it is worth the fight.

Running this site for over 6 years now, I’ve interacted with thousands of readers, some doing great financially and others with major financial problems. For those in really tough financial positions, I recommend:

  1. Going to God for Wisdom (James 1:5)
  2. Getting some professional help from FaithWorks Financial to help them better manage their debts.

Since every situation is different, it is often hard to tell whether or not a situation really needs professional help. To help our readers make the determination, we spoke with the folks over at FaithWorks Financial to learn about when it might be time to reach out for assistance. Read on to see if you are in any of these situations.

1. Accounts are delinquent.

If your credit cards are 30 days behind or more, it can be incredibly difficult to get back on track. Despite the financial hardship that put you in the situation to begin with, you now have to make two months worth of payments, your interest rate has likely skyrocketed and late fees may have been added on as well. It is best to ask for help now, before the situation becomes any worse.

2. Bill collectors are calling.

The first thing to do when bill collectors start calling is to try to make arrangements with them directly, just make sure those arrangements do not risk your other financial obligations. If this cannot be done, it may be time to ask for help. Bill collectors know that you have probably never been in this situation before and will use that to their advantage. A major benefit of using a company such as FaithWorks Financial is that they are experienced in working with bill collectors and can handle those tough conversations for you.

3. What do I pay- the mortgage, groceries or the credit cards?

If you find yourself in such a situation that you have to choose between falling behind on your mortgage, your credit cards, or being unable to put food on the table, you should seek professional help. There are programs available to help lower your monthly obligations immediately, so that you do not have to make that difficult decision.

4. Federal student loans are coming out of deferment and money is already tight.

If it is coming to be time to resume payments on your federal student loans but you either do not have work or cannot afford the upcoming payments, a Federal Student Loan Consolidation might help you delay or reduce that obligation. There are programs available that take your entire financial situation into consideration, so your monthly payment is proportional to your household size and income.

Any of those sound like you?

If so, you can fill out the form below to request a FREE consultation with FaithWorks Financial.

We’ve now partnered with them for nearly a year and they have proven to us that they will point the people that they speak with in the right direction. I feel very comfortable recommending them as they are the only debt management company I’ve found with a true Christian mission. They even donate a portion of their fees to the church of your choice.

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This post was written by Bob and sponsored by FaithWorks Financial.

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  1. Nancy

    This may sound silly to you, but recently, I took out a personal unsecure loan with the bank to consolidate & pay off a small medical bill & a large dental bill. It cost more money, but ensure my husband would not encure this, I placed 2 types of insurance on the loan: a life insurance in case of my death & accidental injury/illness /job loss insurance in case I cannot work. The loan will be paid off in a year because the monthly payments are taken from my checking account on a certain date or the Friday before that date if it falls on a weekend. I did this (after much prayer) because, on my own, I was not paying the debt off consistently & to make the payment arrangements as I described. At this same time, I used the difference to pay back my money market savings & checking reserve savings of reallocated funds. The idea is to regain financial stability that forces me to discipline how I use the finances God has given me more responsibly & set goals whereas before, reallocating funds to my impatience.
    I hope this all makes sense to you in how I described this financial idea.
    God bless!
    Nancy Rich

  2. Valerie

    Hi, I”m interested in getting help from this company, but they say “no fees until we reduce your debt”. Any ideas what kind of fees they end up charging you?

    • Josh

      Hi Valerie. Thanks for your interest in working with us. If you haven’t already, please fill out a request form to chat with an advisor. Fees vary depending on the program you would benefit from, but the consultation is entirely free and there is never any obligation. Be sure to come back and share about your experience with our team!

  3. Teri Miller

    very disapponting phone call – like everyone else for them to help you have to have credit card debit. I pride myself in not having credit card debit so of course the door was slammed again. Then for my school loans they send me to someone who wants to charge me $400 to help.

    • Josh

      Hi Teri,

      So sorry to hear your experience was not a positive one. Our programs are not able to assist in every situation and you are correct, they are definitely more fitting for people who are faced with credit card difficulties such as those mentioned in the above article.

      In case the company we had put you in touch with for the student loan consolidation did not mention it, you are able to go through a consolidation of your federal student loans on your own (I believe at no cost) by visiting http://loanconsolidation.ed.gov/. It can be a long and confusing process which is why there are companies out there that charge for the service, but maybe that would be a good starting point for you!

      Again, my apologies that your experience was not more positive. I do hope that the above resource proves helpful to you.