How to Negotiate with Debt Collectors
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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!
Dealing with Debt Collectors
Paying off debt is usually one of the top three goals people make for the year, but struggle to achieve.
Depending on where the pandemic caught you on your financial journey, you may have had an extra harder struggle. Perhaps a drop in income meant slowing down or even pausing your debt pay off plan.
That can be a real burden on a marriage because those balances are lingering, or worse growing.
If it makes you feel better, you’re not alone. Debt is weighing down 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 $5,315.
Then consider that the average balance on a car loan is $19,703. Then you have student loans. In 2020, the average balance was $38,792. 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, but you’re not trying to figure out how to jump back in, which debts to tackle first, what payment makes the most sense.
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’ll look at:
- Ways to work with and negotiate with your debt collectors
- Protections available to you through the Fair Debt Collections Act
- How you can get have an attorney assist without you paying out of pocket
Are you ready?
Let’s get started!
Resources to Dump Your Debt Faster
If you’re looking to create a debt free plan that fits your family, budget, and timeline here are some helpful resources to review.
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Jumpstart Your Marriage and Your Money
- 5 Days to $5K
- How the Debt Lasso Can Help You Pay Off Your Credit Cards Faster
- The Great Debt Dump
- Which Debt Payoff Method Is Right for You?
- Join Our Thriving Families Community on Facebook
- Sample Letter Disputing Errors on Credit Reports
- Paying Off Debts: Staying Motivated and Knocking Them Out Faster
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.
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!