You've heard stories about your colleagues worrying about losing their homes and considering filing for bankruptcy as a way out.
News of the rise in number of foreclosures all over the country is everywhere.
People are now paying more than their homes are actually worth and all of these worry you.
You might think that you're still on the safe side but the company cutbacks can deal a huge blow to your finances.
If you're in a similar situation, you might be able to use debt settlement to your advantage.
Since the recession has brought the number of foreclosures to an all-time high, creditors' perspectives on providing alternatives have changed.
Help is no longer limited to people who have missed a couple or so payments.
Acting as early as the first sign of distant trouble, no matter how distant, can be a huge determining factor in keeping your finances afloat.
Regardless of whether you have contracted the help of a consolidator to negotiate on your behalf or not, it pays to be directly involved in the processing of your request for a settlement or revision of payment terms.
One of the first things you can do is to consult with a debt reduction law center to see what viable options are available for your case.
Make sure to look up a company's credentials beforehand for your own security and watch out for signs of fraud - often in the form of upfront fees demanded from you.
The basic rule of thumb is: Deal with a firm that's willing to explain and discuss facts about the process with you in depth.
Also feel free to contact your debt reduction law center and inquire about the status of your application every so often.
While you can trust a lot of these firms to do all that they can to settle your debts, ringing them to check for updates or to inquire about other documents that you might be able to provide them can yield better and faster results.
Keep in mind that the sooner you act on your financial issues, the sooner you can reach a resolution.