Resources for Debt Management
Important Considerations:
- Creditor Communication: Proactively contact creditors to discuss your situation and explore payment options.
- Non-Profit Focus: Prioritize non-profit credit counseling agencies.
- Prioritize Essentials: Focus on covering fundamental needs: housing, food, and utilities.
- Scam Awareness: Exercise caution with companies promising immediate debt elimination or charging excessive fees.
- Verification: Always confirm the legitimacy of any organization before sharing personal information.
- When using any financial app or tool, prioritize your privacy and security.
- Ensure that the resources you use are from reputable sources.
- It is important to remember that some applications may have free versions, that also offer paid versions with more features.
Resource List:
AnnualCreditReport.com:
This website is authorized by the federal government and allows you to obtain free annual credit reports from each of the three major credit bureaus (Equifax, Experian, and TransUnion).
Link: https://www.annualcreditreport.com/
Consumer Financial Protection Bureau (CFPB):
Provides resources on debt management, consumer rights, and financial topics. Offers guidance on dealing with debt collectors.
Link: https://www.consumerfinance.gov/
Debtors Anonymous (D.A.):
A non-profit, 12-step program providing peer support for compulsive debting. Offers a structured recovery process and anonymous community. Ideal for addressing the emotional and psychological aspects of debt, best used alongside practical financial resources.
Link: https://debtorsanonymous.org/
Dollar For:
Assists patients in accessing hospital charity care programs to reduce or eliminate medical bills. Addresses the issue of overwhelming medical debt in the U.S.
Link: https://dollarfor.org/
Feeding America:
Find local food banks and pantries.
Link: https://www.feedingamerica.org/
Financial Counseling Association of America
(FCAA) Debt Freedom Tool:
A free online budgeting calculator to assess financial situations and identify funds for debt repayment or necessary spending adjustments.
Link: https://fcaa.org/debt-freedom-tool/
FundFinder:
The PAN Foundation FundFinder is a free web application that helps patients, caregivers, healthcare providers, and pharmacists locate and track open financial assistance programs for various diseases from multiple charitable organizations.
Legal Services Corporation (LSC):
Find local legal aid organizations.
Link: https://www.lsc.gov/
Find local legal aid organizations.
Link: https://www.lsc.gov/
Mint (Intuit/Credit Karma):
A user-friendly budgeting interface (transitioning to Credit Karma) for tracking spending and managing finances. Credit Karma is a reputable service for credit monitoring.
Link: https://www.creditkarma.com/
National Consumer Law Center (NCLC):
A non-profit organization that advocates for consumer rights, especially for low-income individuals. They provide valuable resources and publications on consumer debt, credit, and related legal issues.
Link: https://www.nclc.org/
National Foundation for Credit Counseling (NFCC):
A reputable non-profit offering personalized credit counseling and debt management services, including budget and repayment plan development.
Link: https://www.nfcc.org/
Personal Capital (Empower):
Provides robust financial tracking and investment analysis tools. A well-regarded platform in the financial technology sector.
Link: https://www.empower.com/
PowerPay (Utah State University Extension):
A free online debt elimination tool for creating personalized repayment plans and calculating interest savings.
Link: https://extension.usu.edu/powerpay/
StepChange Debt Charity Online Tools:
Offers online debt advice and budgeting tools. While UK-based, their general information is very applicable worldwide.
Link: https://www.stepchange.org/how-we-help/debt-calculator-tools.aspx
Undebt.it:
An online tool for managing debt payoff using
methods like the debt snowball or avalanche.
Tracks progress and visualizes repayment plans.
Link: https://undebt.it/
United Way's 211 Helpline:
A free, confidential service connecting individuals
with local resources, including financial assistance,
housing, and food. Accessible by dialing 211 or visiting 211.org.
Link: https://www.211.org/
Federal Trade Commission
Get the basics on how to using your money wisely, make a budget, use credit, dealing with debt, saving for College & Career Schools, buying a vehicle, and avoiding scams & identity theft, and more https://consumer.gov/
WalletHub - Credit Card Payoff Calculator:
Calculates credit card payoff timelines and costs. Offers credit card recommendations. Note: WalletHub uses financial product comparisons, generating revenue through advertising and referrals. A Legitimate tool for financial information.
Link: https://wallethub.com/
Calculates credit card payoff timelines and costs. Offers credit card recommendations. Note: WalletHub uses financial product comparisons, generating revenue through advertising and referrals. A Legitimate tool for financial information.
Link: https://wallethub.com/
Financial Literacy Resource Directory
United States Office of the Comptroller of Currency
Provides information on financial literacy and education resources for consumers of all ages and describes the skills, knowledge and tools that equip people to make individual financial decisions and actions to attain their goals
Both Google Sheets and Microsoft Excel offer free budget templates that you can customize to your needs. These are great options for those who prefer to manage their finances using spreadsheets.
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