"Good financial habits begin early in life and can help ensure a sound financial future," said New York State Collectors Association Spokesperson Mark Schiffman. "Learning is a lifelong journey and we are never too young or old to start." Communicate. If you are in debt or need to miss a payment, don't ignore the issue. Be proactive and contact the creditor or debt collector to discuss the situation and seek a mutually beneficial arrangement. If you are contacted by a creditor or debt collector, do not ignore them. Remember, they aren't the enemy and communication to discuss the account, verify its accuracy and work on a plan for resolution can be very helpful. For more information about working with a debt collector visit www.askdoctordebt.org. Active military have special privileges. The Servicemembers Civil Relief Act (SCRA) allows active military and, in a few cases, non-service members, to suspend or postpone certain civil obligations. A lender, creditor or insurer is prohibited by law from taking any adverse actions against military personnel because they exercised their rights...

Personal Finance Tips For New York's Young Adults