As easy as it is to use credit, it is even easier to get into trouble with it. If you do you should: Question 19 options: devise a realistic budget that includes a plan to pay of the balance. contact your creditors and explain that you are having financial difficulties and that you have a plan to make your payments. not wait for the creditor to turn your account over to a debt collector. consider using a counselor to help you create a budget and negotiate with creditors. as a last resort, file for bankruptcy, which may relieve you of some of your debts, but will blemish your credit rating for ten years, making it difficult, and expensive, for you to use any kind of credit or debt. all of the above.