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Debt Collection Notes #2+

Debt Collection Notes #2+

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Published by Dave Smith

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Published by: Dave Smith on Oct 20, 2010
Copyright:Attribution Non-commercial

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03/13/2013

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It¶s a bill collector¶s CollectionNot copyrighted
, spread this around freely. Really! Go for it!
 
In loving memory of my learning ALL about bill collectors«
 
and the many problems I have given them« trying to collect illegally.If you feel like you're in over your head with personal debt, you're not alone.Millions of Americans have become overextended, many as a result of easy credit andthe state of the recessions. Credit cards, medical bills, personal loans and raisinginterest rates do not make a good financial mix.
The 5 strategies you want to avoid:
 The first advice of experts is to be sure you don't make your situation worse bymaking common mistakes. Do you need every credit card you have? In particular:1. Watch your debt! Like a hawk. Beware of just paying the minimum paymentson your debts. This will results in your overall debt actually
growing
and withtime your problems will only become worse. So, avoid the µeasy out¶ of justpaying the minimum on your debts. And I¶m not saying credit cards are all bad, but« They
do
show up at everyfinancial crash« After all, a crow shows up at road kill, it does not mean it drove thecar that killed« right?2. Beware of relying on friends and family for loans as it could damage relationshipswith the most important people in your life. You may
really
need them later on (hopethat never happens!).3. Beware of unscrupulous credit counselors that demand cash up front, or high fees for help they promise, but don't deliver.4. Avoid taking out a new high-interest loan to pay off lower interest rate loans. It maybe easier to just have one payment, but the money is
not
free - it will actually increasethe amount you have to pay back.5. Don¶t declare bankruptcy when debt settlement may work for you« Bankruptcy isoften overkill, and often« painful.
 
Never ever say ³I won¶t pay´ to a just bill! But« not all bills are just! Not withbill collectors involved, that¶s for sure.
D
ebt Settlement or Bankruptcy
 Two common solutions people turn to are debt settlement and bankruptcy.Generally, if you¶re struggling with a financial hardship, or falling behind on your minimum payments, then debt settlement may be right for you. Drastic measures areneeded for drastic situations.If your situation is more dire than that, then you may consider bankruptcy.Bankruptcy« Ok, not everyone¶s cup of tea ± nor should it be. Bankruptcy is
not
the carefree process shown on the TV ads ± otherwise, why would some peoplecommit
suicide
after declaring bankruptcy, if it¶s such a cake walk... ?Funny thing is, after you file bankruptcy... you
can
get credit cards!.... you
can
 buy a car.... buy a house, even..... After all, the credit card companies know you can'tfile bankruptcy again for 7 years... that is a lot of high interest payments for them tocollect on.... and because of the allowable limits.... you can keep almost everythingyou now have. Go figure«.Bankruptcy is a serious step with long term implications for you and your financialfuture. Most experts would suggest it
only
as a last resort. Try to attempt to workthrough your debt issue with your creditors, and this is where debt settlementcompanies can help.http://www.debtorboards.com/is a good place to go. Really.
 
W
hat is
D
ebt Settlement?
 You may have heard companies advertising recently they can get much of your debt eliminated. Is this process legitimate? Well, sometimes« yes or no. Take buyingused car« There are, say, good used car dealers, and
bad
used car dealers. Buy acar via used car dealer, you can luck out, or bomb out. Do your homework first.Working with a good Debt Settlement company can actually be a great solutionfor many people struggling with a financial hardship. Debt settlement is the process of negotiating with your creditors to get them to forgive a potion of your debt. Specialtysettlement companies determine a reasonable monthly amount that you can afford topay, which is based on total amount owed. You make your affordable payment everymonth into a special purpose account, and as these funds accumulate, the settlementcompany reaches out to creditors to negotiate a final actual settlement amount.Typically these companies have excellent relationships with creditors and arenegotiating on behalf of thousands of people every day. Every situation is different, butit¶s not uncommon for debt settlement companies to be able to negotiate a reductionthat of as much as 60% of what you owe. So, find a legitimate and trustworthy debtsettlement company to work with.Millions of Americans struggling with credit cards and other debts are wonderingif there is a debt bailout program for consumers. There is some good news to report:Debt relief is available to consumers who get in over their heads, often through no faultof their own.
Relief from Credit Cards and Other 
D
ebts
 While the government is not able to extend a credit card debt bailout for millionsof consumers, credit card companies are. Why are they willing to do this? It's simple:To protect their bottom line! For consumers who can't afford to pay their debts in full,credit card companies will often agree to reduce interest rates, waive fees andpenalties, or even erase or forgive up to 60% or more of your debt. It all depends uponyour financial situation.
How Much Could
D
ebt Relief Save You?
 For consumers who are struggling in debt, The Debt Relief Center provides aconvenient way to learn the debt relief options available to you. With afree debt relief analysis, you can quickly receive a free debt relief savings estimate. It's fast,convenient, and it's a great way for consumers to see the potential benefits and savingsof debt relief, with no obligation.

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