By Consumer Emergency Aid & Credit Literacy Board•
Executive Summary & Key Takeaways
Strategies for breaking compound debt cycles: CFSA Extended Payment Plans (EPPs), ACH revocation rights, and certified credit counseling programs.
When borrowers cannot repay a short-term advance upon maturity, rolling over the balance triggers exponential fee growth without lowering principal.
1. Actionable Debt Resolution Protocols
Requesting an Extended Payment Plan (EPP): Under trade association guidelines, eligible borrowers can convert single-payment advances into 4 equal installments with zero additional fees.
Revoking Automated ACH Debits: Submitting written notice to your bank and lender stopping automated electronic debits prevents recurring overdraft charges.
Nonprofit Credit Counseling: Working with NFCC-certified agencies to establish structured Debt Management Plans (DMPs) that lower interest rates.
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Consumer Emergency Aid & Credit Literacy Board
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