(PRWEB) October 31, 2012
In a new post on her popular money management, personal banking and small business finance blog, Sherry Tingley, founder of business checks website Coolchecks.net is highlighting upcoming changes that will impose new restraints on debt collectors.
The changes, which are designed to aid consumers, will take place on January 2, 2013. That’s when the federal government’s Consumer Financial Protection Bureau (CFPB) will expand its mandate and begin overseeing debt collection companies with more than $10 million in annual receipts. Specifically, the CFPB will be empowered to identify and prevent practices and tactics that it deems are inappropriate and, in some cases, illegal.
“Congress’s goal in expanding the auspices and authority of the CFPB puts debt collectors under the spotlight, and those that run afoul of the law will be singled out for investigation and, if necessary, remedial action,” commented Sherry Tingley, who also notes that some debt collection companies regularly employ tactics that breach federal disclosure and fee-limitation rules.
Also in her blog, Tingley also points out five best practices that consumers can use to rid themselves of debt – and, in the process, free themselves from debt collection companies:
1. Create a workable financial management system that takes the fear and emotion out of handling money. The more clear and objective an individual is, the better money-related decisions he or she will make.
2. Get a grip on cash flow management, so that bills and other essentials won’t be paid by credit cards or other tools that typically carry excessive, even punitive interest rates.
3. Make lifestyle adjustments to align with changing needs. 20-somethings who typically have smaller incomes but a longer runway ahead of them in which to earn don’t face the same challenges as 50-somethings who are likely preparing to downsize.
4. Reign in all unnecessary spending, and avoid paying for today’s “toy” with tomorrow’s expected income.
5. Don’t give up! Debt can feel like a crushing burden that gets heavier each day, but millions of people have, are and will achieve debt freedom. It doesn’t happen overnight (but then again, neither does excessive debt), but it’s both possible and realistic.
Adds Tingley: “Remember Napoleon Hill’s words: Whatever the mind of man can conceive and believe, it can achieve.”
To read Tingley’s full blog entitled “New Restraints on Debt Collectors to Aid Consumers” visit: http://www.coolchecks.net/blog/debt-collectors-to-be-monitored.html
For more information or media inquiries, contact Sherry Tingley at
sherry(at)coolchecks(dot)net or 801-599-0052.
Led by its Founder Sherry Tingley, Coolchecks.net offers a wide selection of business checks from several leading check printing companies. The company’s small business and personal finance blog features a wide selection of practical articles, advice, insights and tools for small business owners and individuals. Learn more at http://www.coolchecks.net.