Take Control of Your Credit and Debt: Practical Tools You Can Use
Managing credit and debt can feel overwhelming — but it doesn’t have to. Oregon State Credit Union offers resources to help you take charge of your financial future. These tools have helped countless students in our adult financial education classes, and now they’re available to you.
Dealing with Debt Collectors: Know Your Rights
If debt collectors are calling, the first step is understanding your rights. Start with these essential resources:
The Fair Debt Collection Practices Act (FDCPA). Under the FDCPA, debt collectors cannot use abusive, unfair, or deceptive practices. They also can’t contact you at inconvenient times or places.
Tips from the FTC:
- To stop contact: Send a certified letter with a return receipt requesting they cease communication.
- Be cautious: If you speak with a collector, avoid sharing personal information.
Repair and Rebuild Your Credit
Improving your credit starts with fixing errors and monitoring your score. Here’s how:
Action Steps:
- Review your credit reports at annualcreditreport.com.
- Pay bills on time using our Bill Calendar Worksheet. Remember: 35% of your credit score is based on payment history.
- Reduce overall credit use with our Debt Reduction Worksheet. Organize lenders, balances, interest rates, and payments to create a clear payoff plan.
Video – Responsible credit use: Credit card tool or trap?
Build a Budget and Set Goals
Budgeting is the foundation of financial success. If you’ve never budgeted — or it’s been a while — start here:
- Download Your Budget Worksheet
- Assign amounts to categories, adapt as needed, and compare actual vs. budgeted spending.
- Use differences to free up cash or adjust spending to stay balanced.
Be strategic:
Set goals to build new habits and achieve dreams like buying a home, paying for education, or saving for retirement. Try our “Goal Setting to the Now” method: break big goals into smaller steps you can start today.
Get your goal setting worksheet
Track Expenses and Find Savings
Tracking weekly expenses is key to money management success. Use our Expense Tracking Worksheet to record and organize spending.
Want to save more?
Our How Much Can You Save Worksheet helps you identify areas to cut back.
- Look for long-term savings that don’t require daily willpower (e.g., shop for insurance discounts).
- Direct savings toward a purpose — pay off debt or fund a goal — so they don’t disappear into everyday spending.
Need Help? We’re Here for You
Oregon State Credit Union has a long history of helping members and the community manage money wisely.
Email us: communityed@oregonstatecu.com
