Ī collector has to give you “validation information” about the debt. Some are scammers who are just trying to take your money. Not everyone who calls saying that you owe a debt is a real debt collector.

When talking with a debt collector, be careful about sharing your personal or financial information, especially if you’re not already familiar with the collector. That way, you can find out more information about the debt and confirm whether it’s really yours. You may want to talk to the collector at least once, even if you don’t think you owe the debt or can’t repay it immediately. What if my debt has already gone to a debt collector? Tell your creditors what’s going on, and try to work out a new payment plan with lower payments you can manage. Do it before a debt collector gets involved. If you’re behind on your bills, don’t wait to call the creditors you owe money to. Check out this worksheet for creating and tweaking your budget. You can find information about budgeting and money management online, at your public library, and in bookstores. Your goal is to stop adding to your debt, and also to pay down the debt you already have, if you can. When you’re done, look for things in your budget you might be able to change so you have more money left over each month.

Add up all of your paychecks and any other income.

Collect receipts for things you typically spend money on like groceries, entertainment, transportation, clothing, and everyday expenses.

Gather your bills (utilities, insurance, etc.) and pay stubs.

It will help you see where you spend your money and how you might spend money differently.

Budgeting is a helpful tool whether you’re working hard to make ends meet or if you have some extra income and want to adjust your saving goals. What You Can Do On Your Own Where do I start?Ī budget is a roadmap to plan your finances and keep track of where your money goes.

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