If you’re overwhelmed by debt, it’s crucial to find a solution.
FDIC Consumer News offers a few tips.
- Contact your lender immediately if you think you won’t be able to make a loan payment.
- Reputable credit counseling organizations can help you develop a personalized plan to solve a variety of money problems.
- Be very careful of “debt settlement” companies that claim they can reduce what you owe for a fee.
- Avoid scams.
- Remember that you have rights when it comes to debt collection.
For more information, click here.
- Ask students if they know anyone who has had financial difficulties and how they resolved their problem.
- Ask students to review the main provisions of the federal Fair Debt Collection Practices Act and how the law protects consumers from unfair debt collectors.
- Why is it critical to contact your mortgage lender immediately if you think you can’t make a loan payment on time?
- In what ways reputable credit counseling organizations can help you develop a personalized plan to solve financial problems?
- What are the warning signs of possible fraud by a debt settlement company or credit counselor?