09 Oct Crackdown on Abusive Debt Collectors
|http://www.financialexcellence.net/wp-admin/edit.phpGetting harassed by debt collectors? You’re not alone.
Written by Matt Wegner Founder and Lead Counselor, Matt Wegner Financial Coaching, www.financialexcellence.net
How to Handle Abusive Debt Collectors
If you have been receiving harassing or threatening phone calls from abusive debt collectors, you are not alone. However, there are laws and rules about how debt collectors can and cannot behave toward customers, and what practices they can and cannot use to collect a debt.
Having money troubles is troubling enough, and hopefully you have a plan in place to get things back on track. If not, here are some tips:
1. Assess your situation. Make a list of who you owe and how much you owe them. Include the interest rate you’re currently paying, along with the minimum payment due, to get a complete picture.
2. Make a list of debts from smallest to largest dollar amount. Why? Because it will be easier and quicker to get those little pesky debts out of your hair, reduce the number of calls from collectors, and leave you with fewer debts to deal with as the smaller ones get paid off. This will help you not only financially, but psychologically, to prepare for the rest of your debt payoff plan.
3. Start tracking expenses and making a budget. I know: budgets sound like lots of no fun, but learning to track your expenses and keep a budget on hand will give you more and more freedom as you learn to your hard-earned cash in the ways that are most important to you and/or your family. This will then allow you to be able to cut out unnecessary or wasteful expenses, leaving more money to pay off debt and get collectors out of your hair and off your back.
If you’re behind on bills and experiencing the pressure of constant and critical calls from debt collectors, you’re not alone. Having money troubles is stressful enough without having to take abuse from unprofessional and unethical debt collectors. Here’s an interesting recent article I found about debt collection practices. Click here to read the article.