DEBT HELP
Debt help is crucial when developing a plan to regain control over your finances. The first step in getting help with your debt is to seek good counsel. Those that look for debt help online are often barraged with ads with one line statements that do not provide a debt solution that is best for you. Some counselors may claim to be debt help experts but in reality they try to fit you into a program that they sell. Others look for debt help online using solutions that they may already be familiar with using phrases like “bankruptcy” or “help me pay off my debt”. The best debt help and advice for credit card debt help, medical bills and other unsecured debts can be sought with a debt counselor who will outline your financial goals with you, then help you create a realistic budget and activate a plan to get you to become debt free.
Credit Card Debtor’s Beware
A recent news article that has been published in The New York Times and The Huffington Post, on law suits filed against debtors. Everyday American consumers who have fallen behind on credit card payments now have a target on their back, and the credit card companies have out sourced the hit men.
http://www.nytimes.com/2010/07/13/business/13collection.html?_r=1
http://www.huffingtonpost.com/2010/07/12/debt-collection-lawsuits-ftc_n_643920.html
Before I give a summary and my thoughts on the articles above I would like to remind you of some basic facts for American’s today-
- Unemployment rates across the country are 10%
- Bankruptcies are set to exceed last year’s all time high of 1.4 million filings
- Current Foreclosure rate in 2010 is just short of 2 million (1,961,894)
Debt collectors have grown impatient and are now spam filing lawsuits in order to intimidate debtors to pay. Collection firms are able to use very little information such as; social security number, date of birth, address and the account to filing against the debtor. Computerized software is assisting in these mass filings.
Often the defendant is not notified of the court date, and fails to show. Once you fail to show the creditor can receive a default judgment, and file a wage garnishment to collect the amount owe. By this time the amount owed has ballooned up to several times the original debt. The wage garnishment can be up to 20% of your income.
If you owe credit cards, and can’t continue to make the payments, here is your action plan.
- Yearly pull your credit report on the only free site annualcreditreport.com.
- If you think you are unable to continue making your credit card payments call for help.
- If you have your checking and saving accounts with the same bank you owe for a credit card, move your account. I recommend a local credit union.
- If you receive a notice from a collection agency check your credit report to validate the debt.
- If you contact the collection company, do so by mail and keep a file on your communications.
- If you receive collection calls, screen your calls and ask to be contacted only in writing.
- If you can’t pay the debt find a debt solution program.
- Be aware any payments on the debt can re-age a debt and the collection process will continue.
- Create a new action plan if the debt is beyond your state’s statues for collection
http://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php
The action plan above is just the beginning steps to get your financial life back on track. Give me a call, send me an email and I will add many new insider industry tips to avoid a lawsuit.
Warning Signs of Bad Debt Help
In any good trade there are tools. My bag of tools I use to assist clients who seek me; a listening ear, a wide knowledge of their debt choices, a clear understanding of their goals and a plan to move them forward. Warning signs of bad debt help is anyone who offers a solution before they know your goals. Sound financial advice does not mirror a trip to McDonalds. Sound financial advice is not rushed. Sound financial advice is clear and explores your options with consequences in a clear logical pattern.
If you are being advised and you feel as if you are ordering off the menu board at McDonalds, stop! Get up and find another advisor.
First, Last Warnings
Humans are a people of first last warnings. The first warning of heart attack is often the last and only sign of the disease, which often results in sudden death. The day we are served with divorce papers, is the day we wonder why our spouse is not happy and packing. The car blows a tire, and causes a crash after miles of excessive tire wear and low tire pressure. It seems in this world of information overload it takes a major crisis or an external pressure to get our attention. It is the same for those who seek debt help. Consumers, who are drowning in debt, wait to address it after the car has already been repossessed, the house has been in foreclosure for months or they are served with a law suit from their creditors.
Remember the adage ‘an ounce of prevention is worth a pound of cure’? Debt help is no different. It is the ounce of prevention. Measures of debt help are counsel, guidance and a plan. Seek good counsel and explore your options verbally, get guidance to prevent a catastrophic financial attack and make a plan to get back in good financial health.
How to Raise Your Credit Score- When You Still Have Debts Outstanding
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