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Financial issues can be stressful and overwhelming, especially if you’re dealing with them alone. Fortunately, there are ways to get help in Kentucky. Whether you need assistance with budgeting, debt reduction, or credit repair – Bluegrass State has plenty of options for financial assistance.
With these six resource tips at hand, you’ll have the tools and knowledge necessary to make sound decisions about your finances.
Contact a non-profit credit counseling agency
Non-profit credit counseling agencies offer free or low-cost services to help get your finances back on track. They can provide budgeting assistance, debt management plans, and financial education materials. To find a non-profit agency in your area, check with the National Foundation for Credit Counseling (NFCC) or the Association of Independent Consumer Credit Counseling Agencies (AICCCA).
On the other hand, if you need help understanding and managing your credit, contact the Better Business Bureau (BBB) to find a BBB-accredited credit counseling agency. The BBB can provide you with assistance in developing a budget, negotiating payment arrangements with creditors, and improving your overall financial health.
Legal representatives/attorneys
If you’re in a situation where debt collectors are harassing you or filing lawsuits against you, consider consulting with an attorney. Legal representatives will be able to provide you with advice and assistance on understanding your rights as a consumer, how to respond to creditors and debt collectors, and how to prepare for court if necessary.
Additionally, if you’ve found yourself in a situation where you need to file for bankruptcy, an attorney can provide additional guidance. Depending on the state of your finances, they may be able to help you understand the different types of bankruptcy available and how to file for a Chapter 7 or Chapter 13 bankruptcy. But, to find a reliable Chapter 13 Bankruptcy Attorney in Kentucky, consider their state bar association’s referral service and expertise level. For instance, look for successful attorneys or firms with experience in consumer bankruptcy, for at least a few years.
Government agencies
The US government provides numerous resources to help individuals facing financial hardship. The Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB) offer free financial education materials, debt management tools, and information on consumer rights. Additionally, if you’re having difficulty paying your mortgage or student loans, the FDIC can provide additional advice and assistance.
However, if you’re dealing with foreclosure or a delinquent loan, the US Department of Housing and Urban Development (HUD) offers free counseling services to help you get back on track. A HUD-approved housing counselor can provide advice on budgeting, debt reduction, and resources for avoiding foreclosure.
Online resources
The internet is also an invaluable resource when it comes to financial issues. Use web-based tools like Mint, Credit Karma, and Student Loan Hero for budgeting help, credit score tracking, and student loan repayment advice. Additionally, online forums can be a great way to connect with other individuals facing similar financial struggles.
Furthermore, make sure to check out the Consumer Financial Protection Bureau’s website for in-depth information on a variety of topics such as credit reporting, debt collection, and student loan repayment. The CFPB also has an online Complaint Portal where you can submit complaints about lenders or other companies related to your financial situation.
Creating a budget
Creating a budget is the first step to getting your finances back on track. Start by tracking all of your income and expenses for one month and then classify each expense as either “essential” or “non-essential.”
Once you have your expenses classified, look to see where you can reduce or eliminate non-essential spending. Then, set up a budget that allows you to pay for essential expenses while also allocating money towards reducing your debts.
Building an emergency fund
Finally, build an emergency fund to help you avoid taking on more debt in the event of a financial emergency. Start by setting aside a small amount each month and then gradually increase the amount as your budget allows. Having money set aside specifically for emergencies will allow you to cover unexpected costs without having to rely on credit cards or loans.
Also, make sure to take advantage of the tax-advantaged savings options available in Kentucky such as a 529 plan for college expenses or an IRA for retirement. Taking the time to research and understand these plans can help make saving money easier and more accessible.
Facing financial issues can be overwhelming, but there are several resources available to help you get back on track. From consulting with an attorney or housing counselor and taking advantage of government and online resources to creating a budget and building an emergency fund – following these expert tips will give you the tools needed to tackle any financial issue in Kentucky head-on. With the right guidance and support, anyone facing financial hardship can turn their situation around and achieve long-term success.
