The views expressed in Economy Matters are not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System.
Editor's note: Throughout Economy Matters, "Southeast" refers to the six states that, in whole or in part, make up the Sixth Federal Reserve District: Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee.
Financial Tips from the Atlanta Fed: Paying Down Debt
Nota del editor: Este artículo también está disponible en español.
As we begin the new year, many households continue to face unprecedented financial challenges. Developing an attainable debt management or reduction plan can help relieve some of your anxiety. It’s important to evaluate all your options to ensure you can reach your goals in a reasonable timeframe and in the most cost-effective manner possible. These tips can help you prepare your plan.
- Before you develop your debt management plan, learn some valuable debt reduction strategies.
- Next, you should understand the difference between credit counseling services and debt settlement companies to ensure you can reach your goals in a cost-effective, safe manner.
- If you decide to use outside counseling services, we recommend that you work with one of these nonprofit agencies: the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America.
- If you’ve been directly affected by COVID-19, please contact NFCC’s support services.