Get a handle on it A Your Money Your Goals booklet DISCLAIMER This presentation is being made by a Bureau of Consumer Financial Protection representative on behalf of the Bureau It does not constitute legal interpretation guidance or advice of the ID: 719947
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Debt getting in your way?
Get a handle on it
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DISCLAIMER
This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the Bureau. It does not constitute legal interpretation, guidance or advice of the Consumer Financial Protection Bureau. Any opinions or views stated by the presenter are the presenter’s own and may not represent the Bureau’s views.
This document includes links or references to third-party resources. The inclusion of links or references to third-party sites does not necessarily reflect the Bureau’s endorsement of the third-party, the views expressed on the
third-party
site, or products or services offered on the third-party site. The Bureau has not vetted these third-parties, their content, or any products or services they may offer. There may be other possible entities or resources that are not listed that may also serve your needs.Slide3
Debt getting in your way?
Overview of the training and introductionsSlide4
Training objectives
Understand the content of
Debt getting in your way?
Be able to identify moments in which you could introduce the tools to the people you serve
Be able to use its tools to help people take steps to reach their financial goals
Understand how this resource complements the information and tools in the full
Your Money, Your Goals
toolkit
Have an increased understanding of the Consumer Financial Protection Bureau and be able to access and refer people to its resourcesSlide5
Training objectives, continued
Prepare you to train on
Debt getting in your way?
Colleagues within your organization and partner organizations
One-on-one and group settingsSlide6
Debt getting in your way?
Introduction to the CFPB and financial empowermentSlide7
Consumer Financial Protection Bureau
We are a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives.
Introduction to the CFPBSlide8
Office of Community Affairs
Part of the CFPB’s Division of Consumer Education and Engagement
Serves populations who may lack full, affordable access to financial services
Low- to moderate-incomes
Low wealth
Otherwise financially underserved or vulnerableSlide9
Financial empowerment
What is financial empowerment?
How is it different from financial education, financial literacy, financial capacity, or other commonly used terms?
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Financial empowerment and service providers
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Your Money, Your Goals toolkit
The toolkit (English, Spanish, and Mandarin)
The training (English and Spanish)
Implementation guide
Resource and referral guide
Sample survey instruments
The suite of
Your Money, Your Goals
resourcesCompanion guides for special populations
Focus on Native Communities
Focus on People with Disabilities
Focus on Reentry
Access electronic materials and order printed copies online:
consumerfinance.gov/your-money-your-goalsSlide12
Behind on bills?
Available in English and Spanish
Debt getting in your way?
Want credit to work for you?
Building your savings?
Specially formatted copies available for correctional facilities
The suite of
Your Money, Your Goals
resources
Access electronic materials and order free printed copies online:
consumerfinance.gov/your-money-your-goalsSlide13
Debt getting in your way?
Get a handle on it.Slide14Slide15
Introductions
Your name
Where you work and who you serve
How are you using the
Your Money, Your Goals
family of resources in your work? (Or how do you
plan
to use
Your Money, Your Goals materials?)Slide16
Exploring
Debt getting in your way?
Use a pencil and sticky notes to annotate your copy or jot down notesSlide17
Table of contents
Eight tools related to debt
Blue-Green
– can be used to take stock of your debt situation
Yellow
– can be used for planning
Red
– can be used for immediate challenges and needsSlide18
Tool structure
Tool description
Worksheet
A step further
Unfold…
…refold and turn pageSlide19
Debt action plan
Set goals to build toward the future you want
Take steps to get a handle on debt and achieve your goals
Identify resources that can help you
Track your progress
Pick a payback strategy that works for youSlide20Slide21
Debt action plan:
A step furtherSlide22
Debt log
See a full picture of all your debt payments
Figure out when you will pay off your debts with your current repayment plan
Remember when all your debt payments are due
Understand how much money you may be able to put towards paying down debt fasterSlide23Slide24
Debt log: A step furtherSlide25
Credit report
Get free copies of your credit reports
Understand what's included in your credit reports
Check your credit reports for errors and signs of identity theft
Dispute any errors you findSlide26Slide27
Credit report: A step furtherSlide28
Prioritizing debt payments
Understand the consequences of missing or delaying payments when you can't pay the monthly minimum
Figure out the trade-offs in your situation
Create a plan to make this month's most important debt paymentsSlide29Slide30
Prioritizing debt payments: A step furtherSlide31
Dealing with debt collectors
Take action to verify
whether the claim is valid
Know how to dispute
the claim if you do not owe the debt
Know what to do next
if you do owe the debtSlide32Slide33
Dealing with debt collectors: A step further
Resources:
CFPB resources on debt collection
Submit a complaint
Debt counseling
Finding an attorneySlide34
Student loan checklist
Find out if your loans are federal or private
Identify your loan payback status
Determine your eligibility for an income-driven or alternative repayment plan
Talk to your loan servicer about enrolling in a more affordable repayment planSlide35Slide36
Student loan checklist:
Additional informationSlide37
Seasonal snapshot
Think about expenses that led to debt last year
Plan for expenses that could lead to debt this year
Take action to keep these kinds of expenses from turning into new debtSlide38Slide39
Seasonal snapshot:
A step furtherSlide40
Resource cards
Connect to resources to
Get
your mortgage back on track to save your home
Manage
medical bills
Deal
with debt
Get a response from banks and debt collectorsFind a lawyerSlide41Slide42
Resource cards:
A step furtherSlide43
ClosingSlide44
How will you use the tools?
Throughout the training you have attached sticky notes to your booklet
Place the sticky notes on the appropriate flip chart page
Work together to categorize the notes placed by the group
Report out the similarities and differences in potential usageSlide45
Wrapping up
How will our organization share this resource with our staff and volunteers?
How will they share it with the people we serve?Slide46
Closing
Visit
consumerfinance.gov/your-money-your-goals/
to
Order and download
Your Money, Your Goals
materials, including
Debt getting in your way?
Sign up to receive Your Money, Your Goals email updates.Let us know what you think!Let us know how you use Debt getting in your way?
with economically vulnerable people that you serve.
News of your successes and constructive feedback helps the CFPB to develop new resources and enhance existing resources.
Email
YourMoneyYourGoals@consumerfinance.gov
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Training others on
Debt getting in your way?Slide48
Varying training methods tool-by-tool
Demonstrate and apply
Experience and reflect
Role play (in-person trainings)Slide49
Materials needed
One copy of
Debt getting in your way?
for each participant
Photocopies of each tool (In a folder or clipped together)
Pens or pencils
Markers
Sticky notes (15-20 per participant)
Flipchart(s) to use as “parking lot”