 TITLE: When Do Late Payments Become Delinquent? CONTENT: What Can You Do if You Have Delinquent Debt?\n--------------------------------------------\nIf you have delinquent debt or debt in collections, you are not alone. Still, you should act sooner than later to try to address the situation and begin rebuilding your credit and financial footing. Here are some steps to take.\n*   **Check your credit report.** Getting a copy of your credit report can be a great tool in evaluating your current debt situation. Review your credit report to make sure that the information reported is accurate and up-to-date. If you see information you believe is inaccurate, contact the credit bureau that provided your report to share your findings and investigate further. You can monitor your credit for free through Experian. Credit reports from all three bureaus are available through AnnualCreditReport.com.\n*   **Contact your lender.** Try to work out a plan for getting your account back in good standing. If you're experiencing a temporary income loss or other financial setback, ask about loan forbearance.\n*   **Consider a debt consolidation loan.** These loans can shift multiple high debt payments per month into a single, more manageable one. This strategy works especially well for credit cards and may even help you improve your credit scores.\n*   **Create a budget****.** Committing to spending within your means will help you manage your credit responsibly, and this will help you stay on track over time. Factor in your regular expenses, and leave a little extra to put in an emergency fund too.\n*   **Consult a certified credit counselor.** Credit counselors can help you establish and maintain a budget and get your debt under control. If it proves impossible to manage your debts with your current income, a counselor can help you get into a debt management plan (DMP), which could bruise your credit but get you out of debt in a way that allows faster recovery than bankruptcy.\nDelinquent debt can have lasting ill effects on your credit, but if you're proactive about addressing it (and abiding it in the future), you can move past it and rebuild your financial health. END