Your Monthly Credit Card Debt Payments; What Happens If You Cannot Make Them? How Do You Eliminate Credit Card Debt?
Are you worried about the future likelihood of not being able to pay your credit card debt?
Are you having trouble paying your bills? Is your credit card debt piling up with increased interests rates and late fees? Have your minimum payments been increased?
Has bankruptcy crossed your mind? How else can you eliminate credit card debt?
Unemployment, a devastating health problem, a family death, an unsuccessful business, or something else could have ruined your finances. Regardless of the cause of your credit card debt troubles, you can avoid the distress and negative thinking about bankruptcy or predatory creditors with some basic knowledge of unsecured credit card debt.
According to creditcards.com, in the last 12 months 18 million people (eight percent of American adults) missed a credit card payment. If your account is is unpaid, then it is one of millions. That is one of many truths consumers with late credit card debt need to learn about credit card debt collection, according to the Credit Card Debt Survival Guide. Another truth is a junk debt buyer could buy your charged off overdue account with tens or hundreds of thousands of other accounts in a package of junk debt for ten cents or less on the dollar.
The Federal Reserve requires the credit card companies to budget for bad debt. They assume those bad-debt consumers cannot pay for any number of reasons, and sell the credit card accounts after they write them off. Credit card debt collectors who end up with those credit card accounts view consumers in one of two ways, according to the Credit Card Debt Survival Guide; there are those who understand how to eliminate credit card debt and resist their collection efforts and those who do not resist them.
The safety and security of consumers with late credit card debt is in the millions of delinquent accounts and the pennies per dollar each account is actually valued at. Should a credit card debt collector spend a lot of time with fighting with a defiant consumer or just move onto one of many other consumers ready to submit? Consumer debt collection is a growing industry. If a credit card debt collection agency only succeeds with 50 percent of it’s charged off accounts, it is very lucrative.
An understanding of the Fair Debt Collection Practices Act, your state’s consumer protection laws and, if needed, your local court’s rules of civil procedure will make it possible to turn away debt collectors.
Matt Highlander writes about the many strategies to eliminate credit card debt; some for those who can pay, some for those who cannot pay. Read all about them in the 230-page Credit Card Debt Survival Guide www.credit-card-debt-survival.com