Talk to your financial aid officer. They may have worked with students in similar situations and may be able to provide helpful guidance or financial assistance when an unplanned crisis occurs. Creditors would like to work with you to help you pay off your loans and repair your credit rather than have you default on your credit obligations. Try to work out a modified payment plan that reduces your monthly payment to a manageable amount. See the Your Credit Score fact sheet for more details.Ĭontact your creditors if you're having difficulty making your monthly payments. Knowing what money is coming in (income) and what money is going out (expenses) is critical when determining steps to fix the problem.Ĭonsider using your credit card with the most favorable terms and limit the number of credit cards you have - too many open lines of credit may have a negative impact on your credit score. To set up a free account and access these tools, go to /financialwellness. You can also track your spending and create a budget by using the AAMC’s Financial Wellness program. See the Budget Worksheet for Students or the Budget Worksheet for Residents to get started. If you haven’t set up a budget, now is the time to begin. The first step is to take a realistic assessment of your budget. Gaining control involves taking deliberate and positive steps. It’s easy to lose control of your spending, but there are ways to regain control. ignoring credit card statements (or other bills)įirst and foremost: GET HELP.leaving no cushion in your financial life for even a small or unplanned expenditure.responding to offers to transfer balances from one card to another.depending on credit to pay for the basics like food and utilities.
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