Online shopping and easy access to credit cards can make living above your means an easy prospect. According to the Federal Reserve Bank of New York, American households carried credit card balances totaling $815 billion dollars in 2018.
If you are carrying large credit card balances or other types of debt that are weighing you down, follow these simple steps to take control of your financial future:
Step 1: Develop a realistic budget so you can see your income and expenses in one place, and look for ways to save money.
Step 2: If you’re having trouble keeping up with your payments, contact your creditors and explain the situation to them. They may be able to modify your payment plan.
Step 3: If you aren’t able to find relief after contacting your creditors, contact your Component Employee Assistance Program for a referral to a credit counseling service.
Debt Collection – What you Need to Know
If you are receiving calls, emails, or letters from debt collectors, it can be very overwhelming and stressful. The Consumer Financial Protection Bureau (CFPB) is a government agency that makes sure banks, lenders, and other financial companies treat you fairly.
CFBP has a variety of resources about debt collection, including a guide to help you understand your rights and responsibilities, sample letters for responding to debt collectors, a list of rules that regulate how and when debt collectors can contact you, and information the law requires that debt collection agencies provide to you.
Invest in Your Financial Future
DHS cares about your financial health and has put in place resources to help you “Invest in your Financial Future.” Your Component EAP can provide financial and legal consultation services for you and your family, and can refer you to a screened financial counselor who, in a no-cost initial telephonic financial consultation, can provide you help in making your family budget.
For more information on programs that can help you plan for tomorrow while saving for today, find out how to contact your Component EAP specialist by sending a message to a DHS Worklife Specialist at worklife@hq.dhs.gov.