Contact your loan servicer if you are having problems making loan payments.

Some warning signs of financial problems

• You have to wait for your paycheck or other income to pay bills.
• Your credit cards are charged up to the maximum.
• The amount you owe gets bigger every month.
• You bounce checks.
• You've received letters or calls from creditors.

Take action early

See where your money goes. Keep a list of everything you buy for a week or even a few days. You may be surprised to find items you could do without (or could get more cheaply). Review your budget to see where you can cut back on expenses.

Ask for parental assistance. Asking parents or a mentor for help doesn't necessarily mean you're asking to be bailed out of a financial problem. Chances are they have had some valuable experience in money management and can work with you to develop a budget and a strategy for reducing debt.

Consider credit counseling. Many credit grantors can offer advice and are very willing to discuss repayment strategies with customers. The credit grantor wants to be repaid and so is often willing to work out new or temporarily reduced payment schedules.

Contact your local Consumer Credit Counseling Service (CCCS), a division of the nonprofit National Foundation for Credit Counseling (NFCC). These agencies are in nationwide and can help you develop a plan to help get your financial problems resolved. CCCS is a free service. To find one near you, go to www.nfcc.org or call (800) 388-2227.