If the Day Comes When You Cannot Make Your Monthly Credit Card Debt Payments, Is It Possible to Eliminate Credit Card Debt?
Are you anxious about the prospect of not being able to pay that credit card debt?
Are you already behind in your monthly credit card payments? Have you interest rates and monthly minimum payments been increased? Have you suffered late payment penalty fees?
Has bankruptcy crossed your mind? How else can you eliminate credit card debt?
Your financial problems may be the result of a job loss, a catastrophic illness, a death in the family, a failed business venture, or just the simple mismanagement of finances. Whatever the cause of your credit card debt problems, you can avoid despair and worse case thinking about court action or bankruptcy with some primary education about 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.
There are millions of charged off credit card accounts and each is only worth pennies per dollar. If you cannot afford to pay your credit card debt, your safety and security are in those numbers. If you challenge a debt collector properly, they will simply move onto the majority of delinquent account holders ready to surrender. Debt collection agencies and attorneys can be very profitable, if they only collect on 50 percent of assigned or purchased accounts.
With a knowledge of the Fair Debt Collection Practices Act and its use, a grasp of your state’s consumer protection laws and, if needed, your local court’s rules of civil procedure, you can begin defeating credit card debt collectors.
If you want to eliminate credit card debt, whether you can afford to pay or not, read Credit Card Debt Survival Guide. Matt Highlander is a contributing writer. www.credit-card-debt-survival.com
