Our clients frequently ask the Beyond Finance sales and CSD teams how to negotiate with debt collectors. Consumers should be empowered to try it themselves and know their rights. It can be difficult, but it is possible to handle the situation alone.

A Clever Real Estate survey earlier this year found that 61% of Americans may be interested in calling debt collectors as are in “stressful” to “serious” credit card debt. Almost 1 in 4 of those adults say they “go deeper into credit card debt” every month.

Similar insight inspired U.S. News & World Report to create an informative article to provide some individuals with practical tips on navigating and handling stressful phone calls. The advice was gathered from several national experts, including financial planners, economic lawyers, and one of our client financial therapists, Dr. Erika Rasure.

Among those expert tips speaking with debt collectors included:

  • Assess the situation
  • Know what not to say
  • Understand their job
  • Prepare to negotiate

Dr. Erika suggested an important aspect of this relationship–taking action to prevent future debts from going to collections.

Our chief financial wellness advisor at Beyond Finance recommended creating a budget and committing to consistency. “A budget is a tool, not a fix-all. It’s only helpful if you’re consistent with it, so find one that works for you,” she said.

To learn more about the article and understand the tips, we encourage you to bookmark it and incorporate this information into your journey to escaping debt.