Whether you want to get a stronger feeling of control over your finances or you find yourself facing bankruptcy court, you will benefit from the newly revised publication from Ohio State University Extension, "In Over Your Head: Life-Saving Strategies for Financial Crisis."
"This bulletin includes information on dealing with debt collectors and how to determine if filing for bankruptcy is the best option, but it's also for people who aren't at that point yet," said Joyce Lash, Resource Management Program Specialist with Iowa State University Extension.
The bulletin, No. 891, is free to download from OSU Extension's publications Web site, http://ohioline.osu.edu, under "Home." In addition, printed copies are available to order through OSU Extension's online store, http://estore.osu-extension.org, for $5.25, plus tax and shipping. Just search for "In Over Your Head" or click on "Home-Family-Youth." You can also contact your local ISU Extension office for assistance to obtain a copy.
"This bulletin contains information for anybody who recognizes they need to get a grip on money management," Lash said. "They may not necessarily be in financial crisis, but they might feel they're on the road toward it and need to get back on track. Do they have a budget? Do they know where they spend their money? Do they know how much they owe in secured and unsecured debt? A surprising number of people don't. The publication was designed to help them understand and take control of their finances."
In addition, the bulletin offers detailed information for people facing circumstances that are more serious and may already be dealing with debt collectors and trying to determine if filing for bankruptcy may be the right choice. "Bankruptcy is not a bad word," Lash said. "It's tougher to do now than it was a few years ago, before federal law changed, but it is a viable option for people in some circumstances.”
"In Over Your Head" is organized into seven sections, with information on:
- Assessing your situation and considering options for immediate action.
- Dealing with debt and debt collectors.
- Designing a personalized, self-directed repayment plan.
- Using the services of a credit counseling agency.
- Determining the pros and cons of consolidation and other repayment strategies.
- Learning about bankruptcy and when it makes sense.
- Employing strategies for maintaining control over your finances.
"Even though people in crisis will get a lot out of the information in this book, it really is for everybody," Lash said. Co-authors Christine F. Olinsky and Kathy Michelich, family and consumer sciences educators with OSU Extension, and Jean Clements and Diane Johnson, both retired Extension educators stated, “Our hope is that people will read it and take steps to manage their money before they get to a crisis stage."