Are you nervous about the prospect of not being able to pay that credit card debt?
Are you already behind in your monthly credit card payments? Have your interest rates and monthly minimum payments been increased? Have you suffered late payment penalty fees?
Have you thought about bankruptcy?
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 credit card companies plot for terrible debt and know a small percentage of consumers simply cannot pay for whatever reason. But to credit card debt collectors, according to the Credit Card Debt Survival Guide, there are two kinds of credit card debtors; the small number who resist debt collection efforts and the majority who do not, or do so ineptly out of ignorance.
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 go 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 bought accounts.
With a knowledge of the Honest 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 start defeating credit card debt collectors.