New Year’s resolutions for your financial health: tools to help you navigate your financial situation

Photo Credit: Getty Images Signature (Lindsey Johnson, Consumer Bankers Association President and CEO) – The end of the year is the perfect time to review your full financial picture and consider any changes. With over 4,000 banks in the U.S. competing for your business, you have more options than ever to take control of your finances—whether it’s budgeting, improving your credit, or saving in challenging times. Managing life’s big expenses& If you’re struggling with debt as the year ends, you’re not alone—life is expensive! Fortunately, there are many different resources available to you to help you get back on track. For credit card debt, the Consumer Financial Protection Bureau (CFPB) recommends that you first contact your credit card company directly. They can often provide a similar, less expensive solution than debt settlement companies, offer tips for budgeting, and provide hardship programs that can include lower monthly payments. Another good option is to work with a nonprofit credit counselor, who can help negotiate with your creditors on your behalf and help you manage multiple debts. It’s also important to know the risks associated with for-profit debt settlement companies that use aggressive advertising and sales tactics and may leave you deeper in...