We've all had someone borrow something from us and not return it (Good Friday #20: Many Happy Returns) and it's not a nice feeling. Unpaid monetary debts are no different.
The Idea: Pay your debts. Get a copy of your credit report (it's free, yall!) and review any unpaid items that are listed there. If it is a legitimate debt, pay it off IN FULL; do not accept any settlements or special offers. You created the full debt, so you should pay the full debt. If the debt is not valid, write a letter to all three credit reporting agencies disputing the debt, and if possible provide documentation.
The Cost: Whatever you owe.
The Benefit: You'll get the monkey off your back, re-establish yourself as someone that can be trusted, and if you have kids, you'll begin setting the foundation for them to become responsible, trust- and credit-worthy adults.
Testimonial: I'm currently looking into my credit situation. Unbelievably, I found that there are some things on my credit report that I don't even know about. Even though reports are avaiable free, I recommend getting reports from all three credit reporting agencies, as the information may be different. Also, check out the FTC's website on credit which has a wealth of information to help consumers get out - and stay out - of debt.
Also, I'll be dedicating my Saturdays in October to participate in the Citi Financial Education program, where my colleagues and I will be teaching financial literacy (saving, credit, investing, etc.) to people in underserved communities through the New York Urban League. I'm excited to be able to give back something to the community I live in.
P.S. For those of you living in NYC, I'm sure you've seen the taxicabs with the flowers painted on them...I haven't seen any of the actual flowers I painted yet (Good Friday #19), but each time I see a painted taxicab, I'm SOOO happy to have been a part of the program.
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1 comment:
good advice
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