Debt Relief Steps

12/03/2023

Find a payoff method you'll stick with-
Paying off debt is a financial and psychological commitment. Just as you have to have the cash to pay down what you owe, you also have to find a payoff method that works for you.
If some quick small wins early in the process will help you stay motivated, the debt snowball method may be right for you. With this tactic, you put all the extra money you can toward paying your smallest debt first (while covering at least the minimums on your other debts). When it's paid off, you roll the money that had been going to the first debt into paying the next-biggest, and so on, until all your debts are paid off.
But if you're more into delayed gratification and maybe saving a little money, the debt avalanche method may be for you. With this strategy, you focus on paying off the debt with the highest interest rate first. Always focusing on wiping out the debt with the highest interest costs can save you money overall and may also speed your debt-free date.

12/01/2023

LOOKING FOR EXTRA $$ TO PAY OFF C/C DEBTS?
Scraping together extra income can increase how much you can put toward your debt, accelerating your payoff.

Look into legitimate side hustles. Some jobs can be completed in less than an hour, like user testing for websites and apps. Others, like freelancing, will take longer, but may earn you more cash.

Finding extra cash can help fuel paydown, too. And you consider using some or all of a windfall, such as a tax refund or work bonus, to make a lump-sum payment on debt.
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12/01/2023

If a debt collector violates the FDCPA, you can file a complaint with the CFPB online or by calling 1-855-411-CFPB (2372).

11/25/2023

Holiday Spending Expectations:

People anticipate increasing their holiday spending by 14% this year compared to 2022.
The average per-person spending is projected to exceed $1,600.
Credit Card Debt Reality:

Credit card debt has surged to a staggering $1 trillion.
The average interest rate on card debt currently stands at 22%.
Being Realistic:

You’re not a Grinch; you’re being realistic.
If you’re inclined to buy gifts, consider these steps:
Meaningful Gifts: Invest extra time in finding meaningful gifts that resonate with your loved ones.
Budgeting: Even if you think you have no budget, set a hard budget for your holiday spending. It’s crucial to stick to it.
Remember, the spirit of the season isn’t about overspending—it’s about connecting with others and expressing love and gratitude. 🎁🌟

11/22/2023

💥The FDCPA only applies to debt collectors who are trying to collect debts that were incurred primarily for personal, family, or household purposes. It does not apply to the collection of business debts or debts owed to the government.
💥The FDCPA also does not apply to original creditors, such as credit card companies and banks.
💥If you are a victim of debt collection abuse, you can file a complaint with the CFPB or sue the debt collector in court.

11/15/2023

Make a budget and stick to it. This will help you track your spending and make sure you're not overspending.

11/06/2023

If the debt collector cannot verify the debt, they must delete it from your records.

10/31/2023

You have the right to file a complaint with the Consumer Financial Protection Bureau (CFPB) if you believe that a debt collector has violated the FDCPA.

10/29/2023

*Debt collectors must provide you with a written validation notice within 5 days of first contacting you. *The validation notice must include the name and address of the creditor, the amount of the debt, and the date the debt was incurred. *You have 30 days to dispute the debt after receiving the validation notice.

10/28/2023

Debt collectors cannot contact you at work if your employer prohibits it. They also cannot contact you at home if you have asked them in writing to stop.
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Sheila has been in the Debt Recovery industry for over 25 years. Recently in 2023 she was certified as a IAPDA Certified Debt Specialist as she researched her way acquiring knowledge about the debt resolution options. Follow her if you are overwhelmed in debt and seeking tips to becoming debt free.