CCCS of Buffalo - Dare to be Debt Free

CCCS Announces Major Updates to New Student Loan Forgiveness Program CCCS Operates the Only Local Student Loan Counseling Program Available in WNY Region Consumer Credit Counseling Service (CCCS) today announced more updates in the world of Student Loans and Loan Forgiveness. Last month, CCCS detailed major, long awaited changes to student loan forgiveness, the most important of which was: For those earning less than $125,000 a year—or couples with incomes under $250,000--up to $10,000 in federal student loan debt will be forgiven . If individuals used Pell grants to attend college (which are reserved for students with greatest financial need), up to $20,000 in federal student loan debt will be forgiven.  This came on the heels of the overhaul of the Public Service Loan Forgiveness ( PSLF ) Program, where significant changes enabled hundreds of thousands of loan recipients to access loan forgiveness.   Launched in 2007, the PSLF was designed to encourage colleg

What is a Credit Freeze? A credit freeze, a.k.a. security freeze, restricts access to your credit file and prevents you (or others) from being able to open any new credit accounts while the freeze is in place.  A credit freeze will not prevent your existing creditors from viewing your credit reports, but it will block the release of them to new/potential creditors.  For example, if a cybercriminal obtained access to your social security number or other personal information and tried to apply for a loan in your name while your credit was frozen, the account would not be able to be opened. Why Should I Freeze My Credit? Helps protect your identity by reducing the chance that someone could fraudulently open an account in your name Gives you peace of mind knowing that your credit reports are secure It’s free, and you can do it yourself at any time Does not impact your credit score or your ability to use existing credit accounts How do I Freeze my Credit? You can place a temporary or perman

  Millions of Americans have waited eagerly over these past two and a half years for student loan forgiveness. This week, President Biden issued the first of his student loan forgiveness plans. For those earning less than $125,000 a year—or couples with incomes under $250,000--up to $10,000 in federal student loan debt will be forgiven . If individuals used Pell grants to attend college (which are reserved for students with greatest financial need), up to $20,000 in federal student loan debt will be forgiven.   President Biden also this week officially extended the “ student loan payment pause” until December 31 st , 2022. Interest rates will remain at 0% until repayments start in January 2023. Biden states that this will be the last extension for student loan payments.   Mandatory student loan payments as well as interest accrual have been “on pause” since March 13, 2020, the beginning of the pandemic. 98.8% of borrowers did not make payments during this time period but those wh

Still want to travel this summer, but wondering how you can make it work in these tough financial times?  Despite the quickly rising costs for food, transportation, etc., there are ways to cut costs without cancelling your travel plans completely.  Here are some tips and suggestions: Choose a less expensive destination Take fewer trips or reduce the duration Choose a location with a shorter distance where you can drive rather than fly Sign up for price alerts on travel websites - shop around and check travel prices then book when rates are lowest Take a close to home weekend getaway Consider trying a staycation Bring groceries and snacks with you and meal plan/prep rather than going to a restaurant for every meal Try some cheaper (or even FREE) vacation activities such as local libraries, museums, art galleries, state or national parks, walking tours, etc. Stay at an Airbnb, bed and breakfast, or with family or friends instead of booking an expensive hotel Research all inclusive packag

  At Consumer Credit Counseling Service of Buffalo (CCCS), we are encouraged to see recent media attention highlighting the dubious and predatory practices of local debt collection companies. The New York State Attorney General herself visited Western New York last month to call for increased regulation of the debt collection industry. It is extremely heartening to see how she is standing up for New York residents who are often victimized (sometimes repeatedly) by dodgy businesses with underhanded motives. CCCS has sought reform for many years — and heard hundreds of tragic horror stories — yet as critical as it is, we have been unable to attract the proper attention or receive the necessary support for this issue until now. Debt collection companies are commonly problematic — in certain need of increased control — but the issue is much larger than just that. The average person has little understanding of the world of debt, credit and credit repair. It is no wonder that an entire world

How many times have you tried to create a budget and stick to it?  It’s something that’s so difficult for so many people, so it can be tempting to stop even trying.  But before you give up… know that budgeting can be critically important to ensure your financial health and stability.  There are concrete ways to make a difficult thing more manageable (and maybe even fun)! Why is budgeting so important? Tracking your expenses helps you control your spending, and save more money.   When you manage your finances without a budget, there really isn’t anything preventing you from spending beyond your means.  You may have a general idea about how much money you spend on certain things, but without actual (accurate) numbers, it’s easy to let your spending habits get out of control.  When you live on a budget, it’s much easier to see where you may be frivolously overspending, and when you can see waste that can be eliminated, you now have an ability to put that “extra” money into savings that yo