Five Steps to Take If You Can't Pay Your Bills

Know your rights: If you can't make deals with the companies you owe, expect calls from aggressive debt collectors. They're allowed to call people who owe, but they're not allowed to threaten debtors with violence, arrest or seizure of property. They're also prohibited from calling at odd hours or using obscene language. For more on the Fair Debt Collection Practices Act, visit the Federal Trade Commission's website.

Don't ignore the situation: People caught in a financial crisis face difficult choices, but they need make them. Delaying action will only make the problem worse and leave them with fewer options. Addressing the issue immediately prevents the kind of long-term damage that leads to financial ruin.