Facing tough financial time? Act quickly

Paying your heating bill this coming winter might be tougher if you haven't paid the balance on last winter's bills.

That's the situation many people are facing -- so many, in fact, that the Consumer Credit Counseling Service in Colonie says it is seeing an unusually high number of people seeking help from them now to pay bills. 

Counselor and branch manager Karyn Dettbarn says the agency has been so swamped, it's making appointments 7 to 10 days out.

But an even bigger problem is when they find no-shows on their hands.

"Because of the time frame," Dettbarn says, "people are not showing up for appointments. They have to wait a little bit longer."

And it's not a smart move to cancel, Dettbarn says, because many of those appointees are in credit crisis, and the longer they wait to tackle the problem, she says, the worse it becomes. And when many are already struggling to pay for household staples, let alone big-ticket items, the problem can quickly snowball.

"They're struggling with paying for groceries, they're putting the oil heat on credit cards," says Dettbarn. "They start to fall behind on everything."

"You can get so overwhelmed you don't know where to start," Dettbarn adds.

Job one, according to Detbarn, is to protect your home.  Pay up your mortgage, heating bills and taxes.

"That should be the number one priority," Dettbarn says. "It could affect your family if you get to the point of foreclosure."

After that, tackle auto loans and credit cards. Some people are in a bind because of years of poor spending habits, says Dettbarn. Then a catastrophic expense or a job loss sends them over the edge -- and fewer of us have a cushion.

"Savings act as a shock absorber," Dettbarn advises. "Use that instead of going to the credit cards."

Avoiding dealing with the crisis only makes it worse, Dettbarn says. Most people dig themselves out of the financial hole in three to five years, even if they have to wait a little longer for that first appointment with the counselor.

"Call for help," Dettbarn advises. "We're a free agency. It helps to talk to someone." 

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The Consumer Credit Counseling Service of Central New York is hosting a free workshop next week:

"Get Ready for Winter: Budgeting in a Tough Economy"
Tuesday, September 23rd
7 - 9 p.m.
SEFCU Dora Maxwell Center
700 Patroon Creek Blvd., Albany, NY 12206

For more information, call 518-482-2227