(Lindsey Johnson, Consumer Bankers Association President and CEO) - The end of the year is the perfect time to review your full financial picture and consider any changes. With over 4,000 banks in the U.S. competing for your business, you have more options than ever to take control of your finances—whether it’s budgeting, improving your credit, or saving in challenging times.

Managing life's big expenses 

If you're struggling with debt as the year ends, you're not alone—life is expensive! Fortunately, there are many different resources available to you to help you get back on track.

For credit card debt, the Consumer Financial Protection Bureau (CFPB) recommends that you first contact your credit card company directly. They can often provide a similar, less expensive solution than debt settlement companies, offer tips for budgeting, and provide hardship programs that can include lower monthly payments. Another good option is to work with a nonprofit credit counselor, who can help negotiate with your creditors on your behalf and help you manage multiple debts.

It’s also important to know the risks associated with for-profit debt settlement companies that use aggressive advertising and sales tactics and may leave you deeper in debt than you were when you started. Learn more at https://www.aboutdebtrelief.com/.

Overdraft services help customers in a pinch

Another tool banks offer is overdraft services, which cover transactions that exceed account balances. For many consumers—especially the one in five Americans without access to credit—overdraft is a lifeline for essential expenses like rent and utilities when faced with an unexpected expense shock.

Many banks have made big changes to improve overdraft policies, introducing innovative tools designed to reduce fees and give you more visibility into your finances, including:

• Fee elimination: Decreased or eliminated overdraft fees entirely in some cases for consumer accounts.
• Grace periods to give you time to bring your account balance back to positive before a fee is applied.
• Overdraft cushions or “buffers” that let you avoid fees for smaller transactions.
• Daily limits on the number of overdraft fees charged to prevent unexpected financial strain.

As you think about your New Year’s resolutions and evaluate your financial situation, the innovations offered by America's banks can be useful tools to reduce stress and help you stay on top of your finances.