Dealing with my credit card debt

As of 2012, the average credit card debt among Americans was over $7,000.  Credit card debt amasses for a variety of reasons and can climb even higher during an illness, unemployment, or divorce.  You might be trying to keep afloat, or you might be delinquent on your payments and therefore receiving calls from debt collectors.  Following are tools and resources to help you to conquer your credit card debt:

American Consumer Credit Counseling

Massachusetts

http://www.consumercredit.com/

American Consumer Credit Counseling (ACCC) is a non-profit organization located in Newton, Massachusetts, offering confidential credit counseling, debt management, bankruptcy counseling, and housing counseling.

Bank Rate

Tool

http://www.bankrate.com/credit-cards.aspx

Bank Rate is a website that offers a comprehensive list of articles, calculators, and other tools on a variety of consumer finance issues.

CreditWise

Tool

https://www.capitalone.com/credit-cards/benefits/creditwise/

CreditWise (previously called Credit Tracker) is a new free tool provided by Capital One, but is available to anyone. This innovative tool provides individuals with a Transunion® credit score, a list of their accounts and balances and a credit simulator that shows the potential impact of financial decisions on their credit score.

This product is available in 3 platforms: Stand-alone app, Stand-alone website (also available in Spanish) and via the Capital One app for current customers.

Federal Trade Commission Fair Debt Collection Act Information

Resource

http://www.consumer.ftc.gov/articles/0149-debt-collection

The Federal Trade Commission (FTC), the U.S. Government’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.  Under the FDCPA, a debt collector is someone who regularly collects debts owed to others, including collection agencies, lawyers who collect debts on a regular basis, and companies that buy delinquent debts and then try to collect them.  This website provides information about your rights under the Act.

The Consumer Financial Protection Bureau

Resource

http://www.consumerfinance.gov/

This new federal agency was formed by legislation after the economic crisis of 2008 to protect consumers of financial products and services. It’s a good place to get information, file a complaint, or tell your story about mortgages, school loans, or other financial products. They are charged with making the financial marketplace safer for consumers so we don’t suffer another meltdown, and their site is easy to use in English or Spanish. 

Society of GrownUps

Tool

https://www.societyofgrownups.com/calculators/debt-vs-invest

Should you pay off your debt or invest? Use Society of GrownUps calculator to see which option is more powerful.

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