As of October 30th, the Consumer Financial Protection Bureau finalized a new rule that allows debt collectors to have other means of communication (via text message, email, and social media). Yes, that means Facebook, Instagram, and Twitter! This will go into effect in November 2021. Consumers will be given the option to opt-out or limit the number of times collectors contact you, although it is not yet confirmed how you can go about doing so. What does that mean? Be about your business so they don’t have to hunt you down!
If you haven’t paid a bill in over 2-3 years, you may want to keep looking the other way until you’re in a position to negotiate it being paid off! If you make even one payment that will restart the cycle all over again, meaning you will be in debt longer than expected.
Given that we are in the middle of a pandemic, creditors and debtors are being flexible with payment plans, etc. “So if you can, make a plan“!
Find additional information concerning this change via Consumer Reports.
You may also enjoy reading this article if you want to make a plan to get out of debt.
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