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Chapter 1: The Short Story about Surviving Credit Card Debt cont'd.

Do Not Commit Financial “Death” By Guilt over Owing Too Much Credit Card Debt scroll down

Negotiating Reduced Payments or a Lump Sum Settlement of Credit Card Debt scroll down

There Is Protection against Debt Collectors in the Large Number of Credit Card Debtors

First it is important to explain the realities of the debt collection industry. These realities are why you can start feeling comfortable again right now.

If your account is in arrears, it is one of millions of accounts in arrears. If your account is assigned to a collection agency, it is one of thousands in that batch assignment. If you account is sold to a junk debt buyer, it is one of thousands, tens of thousands or hundreds of thousands sold in that package of junk debt for five to ten cents on the dollar or less.

Your safety and security lie in these numbers, in the thousands of accounts and in the pennies per dollar each is actually worth. If you resist collection attempts (after you learn here how to properly do so), it is simply not profitable for collectors to put more time into chasing you for your debt, when they can put that time in getting the easy returns from other people who put up no resistance. Consequently your account gets put aside in favor of other more profitable accounts, because debt collectors do not expect to collect on 100 percent of the accounts handed over to them. They do not even expect to collect on even 50 percent of those accounts. This book will show you how to not show any of the weakness and opportunity debt collectors look for in each account holder. With the right actions yours can become a non-collectible account.

Do Not Commit Financial “Death” By Guilt over Owing Too Much Credit Card Debt

Most people are honest and feel naturally guilty about their indebtedness. They want to do the right thing. Because they owe these unsecured debts, they can feel guilty, fearful and helpless. Collectors know this and use it against you. They use it to get you to admit to a debt and to e-contract with them. They also know that guilt will prevent you from helping yourself as much as you can. Because of this guilt and hopelessness, many people put their head in the sand and ignore written debt collector communications. They don’t open that mail. Then, suddenly out of nowhere they find themselves with a civil judgment against them or an arbitration award about to be confirmed, or worse their wages garnished or bank account seized.

To be successful with credit card debt relief, you’ll need to control your emotions and deal with these collection efforts properly, as you will learn to do here. Remember, denying and disputing credit card debt is a legal strategy, not a personal statement of character.

Negotiating Reduced Payments or a Lump Sum Settlement of Credit Card Debt

So, let’s assume that now or at some point in the near future, you cannot keep up with your minimum credit card payments and they go into arrears. And, perhaps your credit rating has begun to slip.

Given today’s economy, national credit card banks don’t want to default your account, so soon after you fall behind, they will probably offer to work with you . . . on their terms. However, their “help” may not be to your liking. Fees, penalties and a higher interest rate could inflate your balance while you are making small, affordable monthly payments to tide you over until you can pay more. You credit may also suffer as they “help” you. You should realize, however, that for banks today everything is negotiable. Attempting to negotiate payments, interest rates and balances is worth the effort. You may end up paying less and/or getting a reduced interest rate. Even better, if you can save money with some forsaken monthly payments, you can negotiate a lump sum settlement.
If your credit card bank does not contact you, you can contact them. Tell them of your problems and ask for help. It will not hurt to talk.

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Then buy the rest of the book including Chapter 6: Defeating Debt Collectors and Chapter 7: Defeating Court Action for the best strategy and language for effectively communicating in writing with debt collectors and collection attorneys to prevent them from pursuing your debt.