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
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.
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