Avoid the 10-Year Credit Report Stain

When you file for bankruptcy, you risk losing possessions, friends who are stuck paying 
back loans they co-signed for you, and even your ability to get a job. In fact, a bankruptcy 
stain may stay on your credit report up to 10 years. 

Just because people have jobs doesn’t mean they can’t get themselves into a tight 
financial corner. According to an SMR Research Corporation study of consumers 
undergoing credit counseling, 10% of surveyed respondents had lost jobs, while almost 
twice as many--19%--had experienced an income drop due to decreases in sales 
commissions, cuts in pay, and ending alimony payments. Other leading causes of poor 
financial fitness include: medical debts, gambling debts, aggressive lawyers soliciting 
bankruptcy business, and debt burden due to credit cards and low mortgage down 
payments. 

But just because people get into financial predicaments doesn’t mean they can’t get out. 
Averting financial calamity is a longstanding mission of NASA Federal Credit Union and 
the National Foundation for Credit Counseling (NFCC) in Silver Spring, Maryland.  The 
NFCC has nonprofit Consumer Credit Counseling Service (CCCS) affiliates around the 
country ready to help anyone get back on track from financial failure. 

The CCCS provides free or low-cost confidential consultations with professional budget 
counselors trained and certified by the NFCC. The service can arrange debt repayment 
plans between consumers and creditors and sometimes negotiate lower fees or reduced 
penalties on delinquent bills.

NASA Federal Credit Union can help you get in touch with the nearest CCCS office. Or 
you can call the NFCC at 800-388-2227 or visit the NFCC web site at www.nfcc.org. 

When you set up an appointment, you’ll receive a work sheet requesting details of your 
income, expenses, and debt. A counselor will review the completed work sheet with you 
and, if applicable, your spouse to help you plan a course of action. 

If financial worries are causing sleepless nights, or you just need to get finances back on 
track, contact NASA Federal Credit Union at 301-249-1800 or 1-888-NASA-FCU (1-
888-627-2328) or online at www.nasafcu.com. We’ll help you get the help you need.