Debt Resolution with Leslie Tayne, Episode #7

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Leslie Tayne is an award-winning financial attorney and author of Life & Debt: A Fresh Approach to Achieving Financial Wellness. Leslie is the founder and managing director of Tayne Law Group — a law firm headquartered in New York that is dedicated to debt solutions. She has over 20 years of experience in consumer and business debt solutions, including negotiations with large international banks and credit agencies. Leslie is frequently sought out for her expertise in the media and as a speaker. Join us to hear about her revolutionary business in the debt resolution industry!

You will want to hear this episode if you are interested in…

  • The difference between Leslie’s firm and other debt resolution companies. [3:45]
  • Ways to mitigate debt without filing for bankruptcy. [5:41]
  • Tools Leslie recommends to avoid bad debt. [9:26]
  • How we can change our borrowing mentality. [16:!4]
  • How the pandemic has affected people’s finances. [18:58]
  • Two great causes Leslie stands behind. [25:09]

A debt-resolution company AND a law firm?

Leslie told me her firm only concentrates on consumer and business debt resolution and alternatives to bankruptcy. She got her start as in-house counsel for a national debt company. It was there she learned what the needs were for consumers and felt strongly that there was an opportunity to pursue a practice concentrating solely in the area of helping people resolve their debt. Leslie has now been working in this area for more than twenty years.

Leslie explained they are different from other debt resolution companies because they are a law practice, not a debt settlement company. Her practice is designed around helping consumers understand not only the debt piece, but the legal, credit, and accounting pieces of the puzzle as well. In addition, unless it’s determined you need to file bankruptcy, everything is done in-house. They believe there is no one size fits all resolution process. They design a customized solution process to make sure you and your individual needs are well taken care of. Listen to find out some of the unique strategies Leslie’s firm uses to help consumers mitigate their debt!

Best tools in the business

Leslie and I talked about the tools people can use to stay away from a bad debt situation. She said a lot of your situation really has to do with how you understand and think about debt — your purchasing and spending. If you spend without thinking about it or really understanding, you could end up in debt. She said it’s not natural for most people to manage their finances. Her recommendation is to find time every single week to look at your bills. Leslie uses a simple desk calendar and writes her bills on it in red. She also utilizes electronic bill pay and sets up reminders. If she gets a reminder, she takes care of it right away so it doesn’t slip through the cracks. We talk about several more great tips for staying out of debt – listen in to hear all of her excellent advice!

Just stop borrowing?!

I asked Leslie if there was a specific shift in mindset that someone who was in debt and wants to get and stay out needs to have? Is there a fundamental change they need to experience? Leslie remarked that American society is debt-driven. That type of mindset is what can get you into debt. Everybody has good intentions but any debt can turn very quickly to bad debt. Leslie said the mindset her clients need to adopt is to stop borrowing. When someone has a borrowing mentality, their first instinct when trying to relieve debt is to refinance their house, take out a home equity loan, or personal loan. The immediate knee-jerk reaction to debt is to look for a financial product that allows them to pay off bills they have by putting them into another bill-paying process — another debt, essentially.

She said the answer is not more borrowing — it’s less. The mentality needs to become one of using their existing budget to pay off debts and manage expenses. The borrowing mentality has to stop in order to move forward. Join us to hear more of Leslie’s processes for getting -— and staying — out of debt!

Resources & People Mentioned

Connect with Leslie Tayne

Leslie H. Tayne, Esq. Founder/HeadAttorney of Tayne Law Group, is an award-winning financial attorney and author of Life & Debt. Leslie is the founder and managing director of TayneLaw Group, P.C., a law firm headquartered in New York dedicated to debt solutions. She has over 20 years of experience in consumer and business financial debt solutions, including negotiations with large international banks and credit agencies for loans, lines of credit, credit cards, and student loans. Leslie is frequently sought out for her expertise in the media and as a speaker. She regularly provides insight and strategies regarding all areas of debt and credit-related solutions to outlets, including The Huffington Post, Yahoo Finance, U.S. News and World Report, and MSN

Guests on the Mitlin Money Mindset Show are not affiliated with CWM, LLC, and opinions expressed herein may not be representative CWM, LLC. CWM, LLC is not responsible for the guest’s content linked on this site.

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