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How to Negotiate Debt Settlement on Your Own and the Impact to Your Credit Score

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Debt settlement is an option that often looks attractive at first glance but can actually be much more problematic than it first appears. This is especially true in the case of “professional” debt settlement—an arrangement that involves working with a debt settlement firm that negotiates with your creditors on your behalf. This can be a very expensive endeavor, take many years to complete, leave some of your accounts unresolved, and wreak havoc on your credit score. However, there is a different type of debt settlement, which some people refer to as “do-it-yourself” or “DIY” settlement.

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Ask an Expert: I’m being sued by a debt collector. What should I do?

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You are right not to ignore the lawsuit notification. Ignoring a suit could lead to a default judgment by the court. This usually means that a judge can grant your debt collector the right to garnish your wages or levy your bank account by default. You also lose the ability to dispute the debt. The first thing you have to do is prepare to respond to the lawsuit within the specified time frame. It’s not always easy to do this on your own, so you may want to consult an attorney for assistance.


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How the Coronavirus is Impacting the Military Community

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As the effects of the Coronavirus linger and continue to impact millions of Americans, one group of consumers—members of the U.S. military—faces additional challenges and hardships. Of particular concern are costs created by restrictions on travel (especially during the peak military moving season) and hardships related to changes in employment. Here is a closer look at these negative impacts, along with resources for affected service members and their families.

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NFCC in the NEWS 

  • Everything You Need to Know to Choose the Right Debt-Consolidation Strategy. Read More...
  • How to Protect Your Credit Score During the Pandemic. Read More...
  • One in Five Credit Reports Has a Mistake on It. Here’s How to Check and Fix Yours for Free. Read More...


Credit repair is the topic for this episode, and our guest is Bill Cheeks of ABBA Associates. He will share his views about credit repair services and what people should know when looking for help addressing credit reporting issues.


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Jo Ann Barefoot, CEO of the Alliance for Innovative Regulation joins NFCC President and CEO Rebecca Steele and FinBit host Bruce McClary for a discussion about the Collaborated COVID Response: Banks, Regulators and Credit Counseling.

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Around the Country đź—˝

Forget what you’ve heard. Here are the new rules for post-pandemic retirement


Your retirement will be unique to you, but it often helps to have some rules of thumb as a guideline. Over time it may make sense to revisit those rules. For example, experts used to talk about retirement being based on a three-legged stool: a pension, Social Security and personal savings. Such a scenario isn’t applicable for most people these days, or at least not those working for a private-sector company. Fewer employees have pensions that guarantee lifetime monthly payouts. There’s a lot of uncertainty about the financial stability of Social Security. This means some of the advice that worked in years past won’t apply to future retirees.


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Newsletter - 06/18/2020


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