Welcome to Friday Financial Focus!
Good things are worth waiting for - like this newsletter! Sometimes, we just need an extra day to pull it together. Thanks for your patience.
Each week, we bring you a closer look at the headlines that impact your bottom line. Some you may have heard about, and others may have gotten buried in the chaos of the week. Either way, they all matter when it comes to managing your money!
Distilling all of the current events into a single newsletter is impossible, so be sure to follow us on Bluesky. Join our Patreon community for financial history and resistory stories that inform and inspire, along with astrological and tarot support for the month. There are 3 paid tiers and a free level with limited posts - something is accessible for everyone!
Have a news story or financial topic you want us to explore further? Let us know about it!
Upcoming Events & Classes
What's That Hiding in the Corner??
A friendly reminder that our monthly financial class is next week! Join us on Wednesday, October 29, for Making Friends with Your Money Monster, where we tame the snarling, screaming, and sometimes sobbing embodiment of your financial fears that we often don’t even realize is there.
Just like the monster that lives rent-free under our beds, money can leave us ridden with anxiety about what’s hiding in the dark, but it doesn't need to be that way. Sign up for this class and we'll take the fear out of finances and help you reclaim your power.
Get the Deets
Date: Wednesday, October 29, 2025
Time: 7:00 pm ET
Where: Online (Zoom link will be sent prior to event)
*This class is included in our Patreon Smash It Up tier, but is also available to non-Patreon members through Eventbrite.
Not These Cluckers Again...
The holidays are right around the corner and with that comes social gatherings. You might be dreading them more than the overcooked turkey on the dinner plate, especially when Aunt Edna starts asking the way-too-personal questions, or Uncle Milton launches into his latest conspiracy theory. Who invited these cluckers anyway???
Take a deep breath, grab a slice of pumpkin pie, and join us for Managing Your Emotional Bank Account: Turkey Day Edition! During this free event, we'll discuss ways to set clear boundaries with the cluckers who waddle into your space and ruffle everyone’s feathers. We've also updated this workshop with guidance on navigating social gatherings in the current, ahem... "political climate".
Get the Deets
Date: Wednesday, November 5, 2025
Time: 7:00 pm EST
Where: Online (Zoom link will be sent prior to event)
We realize that this economy is hitting people hard, so this is a free/pay-what-you-can event, but we'd love your support in sharing the word. Do you know someone who might need a healthier Emotional Bank Account? Tell them to turkey trot on over and join us!!
This Week's Financial Focus
Welcome to Scorpio season! We are creeping into the scary side of money with a look at undead debt. Grab a flashlight for this haunted hayride through evil financial tricks that are no treat for consumers. 🎃
When Debt Comes Back to Life
We all have things we'd rather leave in the past - an underpaying job, a bad relationship, and that trend-of-the-moment hairstyle that expired faster than milk left out in the Arizona sun (what were we thinking??) However, some efforts to leave debt in the dust are now coming back to haunt unsuspecting consumers.
What happens when the things we thought were dead and buried don't stay that way? No, this isn't a Stephen King novel. We're talking about zombie debt!
To clarify, that is NOT your student loans still hanging off your decaying neck like a desiccated albatross should you be bitten by a member of the decrepit undead, although nothing says "late-stage capitalism" like debt surviving the apocalypse while the rest of us battle for breadcrumbs, amirite?
WHAT IT IS: Zombie debt is old or charged off debt that is no longer owed. This debt may have been discharged through bankruptcy, have an expired statute of limitations, or belong to someone else entirely. Instead of going to that great credit report in the sky, debt "scavengers" will buy this old debt from creditors for pennies on the dollar and attempt to collect on it. It's a relatively low buy-in for a potentially lucrative pay off.
HOW IT WORKS: When that happens, these debt scavengers are hoping the consumer is unaware of their rights and either simply pays the debt without question, or offers to settle for an amount that is less that what they are told is owed, but still more than the debt's purchase price. They might:
- Harass or verbally abuse consumers
- Threaten legal action
- Misrepresent themselves as a "litigation firm"
- Report this old purchased debt to credit agencies as "new debt", thus re-aging it so it appears back on your credit report (most debt falls off the report after 7 years)
- Offer to go away if you may a smaller portion of the alleged debt
These are all violations of the Fair Debt Collection Practices Act (FDCPA) and are illegal. However, too many people are unaware of their rights and how to protect them. This is exactly these scavengers are counting on to make a quick payday.
All Trick, No Treat
THE CATCH: For example, you may think it's best to take their "generous offer" of paying a small amount to make them go away. BUT!!! That can actually backfire in a few ways.
For one, it can be viewed as a legal acceptance of debt even if that debt wasn't yours to begin with. Remember that names can be similar, SSNs can be written in error, and the scavenger's approach is to cast a wide, albeit sometimes inaccurate, net. They'll catch whomever they can.
If the debt is yours, this can also restart the clock on that statute of limitations, as well as the debt age on your credit report. Each state has a defined period of time during which legal action can be pursued for a matter. That is called the statute of limitations.
Once it expires, the debt collector cannot legally bring a lawsuit or pursue other methods to collect on this debt... unless it comes back to life. That can happen if you make a new payment or admit the debt is valid, which can revive the statute of limitations and allow them to pursue payment as if the debt were new.
Most debt falls off your credit report after a period of 7 years and 180 days from the last payment. If you make a new payment, even if it's a "go away" payment, that can reset the debt's age, thus also restarting that 7.5 year clock.
There is also a chance that this attempt to collect zombie debt is actually a scam. The alleged debt collector might actually be trying to gain access to personally identifiable information such as SSNs, addresses, or banking accounts by asking you to fill out their forms. Once that happens, they can steal your identity and commit other forms of financial fraud.
So, what can you do to double-tap this zombie debt? Fear not, financial friends - there are steps you can take!
Double-Tap That Debt
WHAT YOU CAN DO: A of all, demand that everything be in writing. I mean, who even answers their phone anyway these days? A legitimate debt collection agency will comply because they know it is the law and failure to do so puts them in lawsuit territory for violating FDCPA. Additionally, verbal conversations could inadvertently reveal your personal information or be construed as admission of your debt responsibility. Remember that you NEVER want to revive that debt!
B of all, demand a debt verification letter. The onus is on them to prove that this debt is not only valid, but that you are the party who is responsible. Make them do the work! Scammers may just give up if they realize you know your rights.
If not, a debt verification letter still provides you with the name of the original creditor, date of debt, original amount owed, and other important information that can be used to disprove the debt. However, time is off the essence! You must act quickly once contacted to dispute the debt and demand verification.
C of all, talk to an attorney or find a legal clinic though the Legal Services Corporation, a Congressionally established independent nonprofit agency that provides "financial support for civil legal aid to low-income Americans." It's better to take this step and learn more about your rights than to go it alone and potentially make the situation worse.
TAKEAWAY: Financial matters can be scary, especially if you've found yourself in the sights of a scavenger debt collector. However, just like in a horror film, the better prepared you are and the quicker you act, the better your chances of being the Final Girl and not the Red Shirt Ensign (RIP). You've got this!
What are your thoughts on the matter? Let us know!
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Sometimes you need 1:1 help as a business owner and need insight from someone with years of experience. Power Hour is a single 60-minute 1:1 session designed to give you clarity and action items to move you forward.
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Arcana Resource Coaching is a 13-session program designed to explore your relationship to your resources. We uncover the hidden opportunities and challenges you have to embracing your full potential.
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As always, your support is appreciated. Stay well!
Sincerely,
Rayna, Money Culture Disruptor & Financial Inclusion Advocate
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