Sep 15, 2021
Are you frustrated with your debt and feel like you’re stuck in this rut? Today we’re going to see how you can negotiate your debts to lessen the stress and get you closer to your debt free goals!
Paying Off Your Debts and Dealing with Debt Collectors
Usually when people make money goals for the year, paying off debt is in the top three but many struggle to achieve that goal.
Depending on where the pandemic caught you on your financial journey, you may have had an extra struggle. Perhaps a drop in income meant slowing down or even pausing your debt payoff plan.
That can be a real and huge burden because those balances are lingering or worse, growing. If it makes you feel any better, you're not alone. Debt is weighing down on a lot of families.
According to Experian, 90% of adults in the US have at least one credit card on their report And of those 75% carry a balance month to month. The average balance for that group is over $5,000.
The average balance on a car loan is $19,700. And Then you have student loans. In 2020, the average balance was $38,000. While there is some relief for federal loans, with the pause in payments, if you have private loans, you're still dealing with them on top of everything.
Hopefully things have improved in stabilize but now you're at the point where you're trying to figure out how to jump back, in which debts to tackle first, and what payment plan makes the most sense for you.
Which is why I'm happy to have attorney Taylor Kosla be a part of this episode.
Taylor is a partner at Agruss Law Firm, a team that's focused on helping people deal with debt collection.
In this episode, we're going to look at:
- ways to negotiate with your creditors,
- protections available to you through the fair debt collections act, and
- a possible opportunity for you to have an attorney assist you without you paying out of pocket.
Are you ready? Let's get started!
Handy Tools to Pay Your Debt Off Faster
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grab Your Copy: Jumpstart Your Marriage and Your Money
- Join Our Thriving Families Community on Facebook
- Sample Letter Disputing Errors on Credit Reports
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
We’ve been Coastal members for a few years have been happy with their services.
They have wonderful services and accounts to make saving easier including their competitive money market accounts!
As I mentioned in the episode, if you're a Coastal member and are thinking of consolidating your debts, check out Coastal's options to refinance!
Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!