From the Web: ‘Resolve to Take Control of Your Debt in the New Year’

Many people make it their New Year’s resolution to get a handle on debt and improve their finances. Here are six steps you can take to make that resolution a reality, writes the CFPB’s Courtney-Rose Dantus in a new blog.

1/2/2019 8:00 AM

CFPBNewsBCFP
From the Web: ‘Resolve to Take Control of Your Debt in the New Year’

Working with debt collectors to pay off your debt is an important step to managing finances if you have an account in collections, according to a new blog post “Resolve to Take Control of Your Debt in the New Year,” by Consumer Financial Protection Bureau Engagement and Outreach Specialist Courtney-Rose Dantus.

First, get more information about the debt, including:

  • Name of the creditor.
  • Amount owed.
  • Who to contact if you need to dispute the debt.

Next, be honest with yourself about how much you can pay each month, and decide on the total amount you’re willing to pay to settle the entire debt, Dantus writes. When you talk to the debt collector, explain your situation and your plan. Make sure to record the agreement in writing with the debt collector before making a payment.

Read more tips for post-holiday budgeting in the CFPB’s blog here.

Editor’s Note: Consistent with Director Kathy Kraninger’s announcement the bureau is halting efforts to make changes to existing products and materials related to the name correction initiative and that the name Consumer Financial Protection Bureau and existing CFPB seal will be used for materials other than statutorily required reports and legal filings, ACA International will use that name in its articles and publications. Also consistent with Kraninger’s announcement “Bureau of Consumer Financial Protection” will be used in comments filed by ACA and other official documents. ACA International is also working to phase in the change to relevant portions of its website over time.

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