Lines of credit can be useful financial tools. They can empower you to make large purchases without digging into your savings, provide some emergency relief, and give you the opportunity to secure an education you otherwise wouldn’t have been able to afford.

But what happens when the debt becomes overwhelming? When your minimum payments each month are eating up more than you can afford?

According to a study by credit bureau Experian, debt levels increased 5.4% in 2021. The Generation Z population (18-24) owed an average of $20,803 while Millennials (25-40) owed an average of $100,906. These numbers consist of auto loans, student loans, credit card debt, mortgages, and personal loans.

https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/

If you are struggling to manage your debt, you are not alone – and there are resources to help.

If you are unable to make your next payment, contact your financial institution to see if payment deferral is an option. Missed payments strongly impact your credit score. Depending on the type of credit, deferring a payment may move it to the end of the term (like a lease) or to the next month (like credit cards). Be aware, there is usually an extra fee associated with deferring your payment.

Contact a Credit/Debt Counselor

Credit counselors can help you to create a Debt Management Plan (DMP) that may lower your monthly payments. Often, they can work with your lender to lower your interest rate. Most counselors offer free consultations to determine whether or not they will be able to help with your situation. Banks pay debt counselors because they help them to recover money owed to them, but debt counselors are not employed by the banks. Because of this unique partnership, debt counseling services are often offered for free or at a low cost.

Your credit counselor should be accredited by the National Foundation for Credit Counseling (NFCC) and/or the Financial Counseling Association of America (FCAA). You can visit these organizations websites to find counseling services and schedule a remote consultation, or you can search for accredited counselors near you if you prefer to meet in person.

If a debt counselor finds that they are unable to help you, many banks offer payment and hardship programs. However, this programs usually come with higher fees or do not lower interest rates as much. For example, Discover’s Financial Hardship Program . Many banks offer this option, but do not publish details on their websites. Contact your bank by phone or email to find out if a hardship program may be available.

There are two important things to consider when working with a debt counselor or deciding to use a financial instructions hardship program. 1) Access to credit. Utilizing either of these options will typically result in your credit cards being frozen or cancelled. 2) Credit Score. Working with a debt counselor is not reported to credit card bureaus. However, using a banks hardship program sometimes is. This does not always directly impact your credit score, but the note on your account may decrease trust from future lenders.

Military Service Members

Active-duty service members have additional support from the Servicemembers Civil Relief Act (SCRA). Similar to contacting a debt counselor, this act may reduce interest rates on mortgages and credit card debts. Significantly, this act can offer protection from eviction and delay civil court (like bankruptcy, or divorce proceedings.) Contact your local Armed Forces Legal Assistance office to see if you qualify.

Debt Consolidation

Debt consolidation involves taking out a loan which can cover the amount of the rest of your debt. Ideally, this new loan will have easier monthly payments and a lower interest rate.

Bankruptcy

If you are unable to pay your creditors, and do not think you will be able to do so for an extended amount of time (years) a fresh start is available through filing for bankruptcy. However, bankruptcy information stays on a credit report for 10 years. This can make it very difficult to get credit in the future, to buy a home, and even to get life insurance or a job. Because of this, bankruptcy should only be considered after exhausting all other options.

Bankruptcy is a very detailed and lengthy process, which includes court fees. A ‘straight bankruptcy’ involves liquidating all of your assets – including a house or a car. For more detailed information, visit www.usa.gov/debt .

For many students, final exam season is right around the corner. But with late night study sessions comes late night cravings. A good study snack is one that is filling without making you feel sluggish, and ideally, they are easy to prepare and clean.

Here are our top 5 study snack recommendations:

1) Dried Fruit

Dried fruit is a great snack for those with a sweet tooth. Being a natural source of sugar, fruit is a healthier option to satisfy your cravings.

Some popular dried fruits include apple, mango, pineapple, cranberries, and bananas. Take it a step further by mixing in some nuts, popcorn, or coconut chips to make your own trail mix!

2) Popcorn

Popcorn is an amazing light and airy choice for someone who likes to snack while studying. While microwavable popcorn may not be the healthiest, there are other options which can still leave you satisfied and full.

Try making your popcorn on the stove with some olive oil and salt, or buying POPPED Chips. If you’re craving a sweeter version, try Boom Chika Pop’s Light Kettle Corn.

3) Smoothies

Smoothies! If you’ve attended one of our camps before you may have had the opportunity to make some amazing smoothies with Theresa. Good news – you can make smoothies at home or in the dorms too!

Mix the fruits & veggies of your choice with some milk or yogurt, and add in some protein powder for a bit of an extra kick and you are good to go! For a chunkier smoothie, try using frozen fruit or adding in some ice. Spinach and Kale are also great additives to increase your snack’s nutritional value without changing the great taste.

3) Veggies and Hummus

No sweet tooth? No problem! Slice and dice fruits & veggies of your choice and enjoy with hummus. Hummus is a good source of protein and will help keep you full for hours to come.

4) Coffee & Milk

Coffee can definitely boost your energy, and comes with even more benefits when you mix in some milk or a plant based alternative. Personally, I love to mix in some almond or coconut milk with a dark roast!

While coffee can be a powerful aide, it is important to consider how it may impact your sleep. Be careful fueling you late night study sessions with coffee – it is still important to get some sleep before your exam!

5) Edamame

Seeking the tactile joy of m&ms and other candies? Look no further! Edamame is a super healthy snack that will keep your fingers busy too – without getting them sticky.

You can find steam-able bags of frozen edamame in most stores, and some may even offer pouches of pre-shelled roasted edamame.