WHEN SHOULD I CONTACT A PROFESSIONAL?

If you’ve outlined a budget, followed the recommended steps of consolidating debt, assessed your situation and are still having trouble with your finances, it may be time to ask for help. Because only you know what shape your finances are in, the best thing you can do for yourself is to ask for help early—don’t ignore your debt. Wachovia can help you find ways to gain control and put your credit back on track.  We encourage you to work with a Financial Advisor to explore your options.

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Professional Credit Managers

Professional credit managers can help you gain control of your finances. Essentially these non-profit groups will work with you to establish a budget and help you manage your expenses. They’ll contact your creditors and negotiate on your behalf. You’ll make one debt payment to the organization once a month and they will in turn pay your creditors. Make sure that you understand what fees are involved before you sign up. It is possible that the credit organization will appear on your credit report, but that isn’t necessarily a bad thing. Find out if the company you’re working with is associated with the National Foundation of Credit Counseling.

Bankruptcy as a Last Resort

Look for ways to get your credit under control while you can. Wisely used credit can be a powerful lending tool, but if used too often can cause long-term problems. Avoid filing bankruptcy at all cost. While your debts may be resolved somewhat quickly, the blemish on your credit can last 7 to 10 years.

Wachovia offers a variety of money management, insurance, investment, and trust services as well as products to help you make the best decisions for your unique situation. Contact a Wachovia Financial Advisor to help you reach sound decisions on banking, investing, insurance, and loan products.

Locate a Financial Advisor at a Branch Near You

All loans are subject to credit approval, acceptable collateral and available equity, and are originated by Wachovia Bank, National Association, Wachovia Mortgage, FSB, Wachovia Financial Services, Inc. or Wachovia Bank of Delaware, National Association. All loan products are not available in all states and are subject to change without notice. Certain restrictions apply.

Only deposit products are FDIC-insured.

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