2785: Has Your Debt Been Sent to Collections? Here Are Your Options by Kumiko of The Budget Mom

Optimal Finance Daily - Financial Independence and Money Advice

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4.5 • 1.3K Ratings

🗓️ 6 July 2024

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2785: Kumiko from TheBudgetMom.com provides a comprehensive guide for managing debt collection. She offers practical steps to assess your financial situation, prioritize payments, and choose the best approach to settle debts. Her advice empowers readers to take control of their finances and work towards rebuilding their credit. Read along with the original article(s) here: https://www.thebudgetmom.com/has-your-debt-been-sent-to-collections-here-are-your-options/ Quotes to ponder: "You can’t build a successful plan to deal with debt collectors until you gather the facts about who you owe money to and how much you owe." "Your best bet is usually to save enough money so that you can try to negotiate a debt settlement on your own." "I know what it’s like to feel overwhelmed by debt. Yet even as a single mom with limited income, I was able to take control of my budget and start turning my financial life around." Episode references: Credit Karma: https://www.creditkarma.com/ Experian: https://www.experian.com/ AnnualCreditReport.com: https://www.annualcreditreport.com/index.action Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 2785.
0:05.0	Has your debt been sent to collections?
0:07.0	Here are your options.
0:09.0	By Camico of the Budget Mom.com
0:11.0	and I'm your host and personal finance enthusiasts,
0:14.6	Diana Merriam.
0:16.2	We're going to jump right into our next post
0:18.4	as we optimize your life.
0:25.0	Has your options by options by Camico of the Budget Mom.com
0:32.0	Most people have every intention of repaying the money they borrow, but sometimes life doesn't go as planned. You or a loved one might get sick or hurt, making it hard to pay your bills. You could lose your job or go through a divorce.
0:46.8	Or like my former self, your financial struggles might come from not following a budget.
0:52.3	When you can't keep up with your bills,
0:54.0	your creditors may sell your unpaid debts to third-party debt collectors.
0:59.0	Unfortunately, collection accounts can hurt your credit rating
1:02.0	and cost you money.
1:04.4	The good news is that having a collections account doesn't mean all hope is lost.
1:09.3	You can make a plan to address your collection accounts, rebuild your credit, and improve your overall financial picture.
1:16.0	First, gather Intel.
1:19.0	You can't build a successful plan to deal with debt collectors until you gather the facts about who you owe money to and how much you owe.
1:27.0	Looking at your overall debt picture can be scary. I know.
1:31.0	But this information is critical if you want to change your situation
1:34.8	your credit reports are a great place to gather intel about the debts you owe.
	...

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